S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10123

                          I N  A S S E M B L Y

                               May 7, 2012
                               ___________

Introduced  by  M.  of  A.  N. RIVERA  --  read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  the purchase of voltage regulation technology

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 45 to read as follows:
  45.  CREDIT  FOR  THE  PURCHASE OF VOLTAGE REGULATION TECHNOLOGY.  (A)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED  BY
THIS  ARTICLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT
OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED  IN  PARAGRAPH
(B)  OF  THIS  SUBDIVISION,  UP  TO  A ONE THOUSAND DOLLAR LIMIT FOR ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
CREDIT  UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH  AUTHORITY  SHALL  DEVELOP  A
LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
ITS WEBSITE.
  (C) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
SUBDIVISION  FOR  ANY  TAXABLE  YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
OF  SECTION  SIX  HUNDRED EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended by adding a new clause (xxxiv) to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02528-03-2
              

A. 10123                            2

(XXXIV) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-FIVE OF
SUBSECTION (UU)                      SECTION TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(uu) to read as follows:
  (UU) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
ITS WEBSITE.
  (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SUBSECTION  (C)  OF
SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
NO INTEREST SHALL BE PAID THEREON.
  S 4. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
taxable years commencing on and after such date.