Senate Bill S5694

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

                                  5694

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 5, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to providing a personal  income
  tax  credit for the purchase of a home that meets certain energy effi-
  ciency standards

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

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (ww) to read as follows:
  (WW) HERS HOME CREDIT. (1) A TAXPAYER SHALL BE  ALLOWED  A  CREDIT  AS
PROVIDED  IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE  CREDIT  SHALL
BE AS FOLLOWS:
  (I)  FIVE THOUSAND DOLLARS FOR THE PURCHASE OF A NEW OR RENOVATED HOME
RATED FIFTY OR LOWER BUT HIGHER THAN TWENTY-FIVE ON THE HERS INDEX;
  (II) SEVEN THOUSAND FIVE HUNDRED DOLLARS FOR THE PURCHASE OF A NEW  OR
RENOVATED  HOME  RATED  TWENTY-FIVE OR LOWER BUT HIGHER THAN ZERO ON THE
HERS INDEX;
  (III) TEN THOUSAND DOLLARS FOR THE PURCHASE OF A NEW OR RENOVATED HOME
RATED ZERO ON THE HERS INDEX;
  (2) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
BUT WHO ARE REQUIRED TO DETERMINE  THEIR  STATE  TAXES  SEPARATELY,  THE
CREDIT  ALLOWED  PURSUANT  TO THIS SUBSECTION MAY BE APPLIED AGAINST THE
TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER  THIS  SUBSECTION  SHALL
EXCEED  THE  TAXPAYER'S  TAX  FOR  THE TAXABLE YEAR, THE EXCESS SHALL BE
TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORD-
ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERMS:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10973-02-3
              

S. 5694                             2

  (I)  "ELIGIBLE  REAL PROPERTY" SHALL MEAN A NEWLY CONSTRUCTED OR RENO-
VATED ONE OR TWO FAMILY RESIDENCE IN THIS STATE, THAT IS:
  (A) THE PRIMARY RESIDENCE OF THE TAXPAYER; AND
  (B) HAS A RATING ON THE HOME ENERGY RATING SYSTEM OF FIFTY OR LESS.
  (II) "HERS" SHALL MEAN THE HOME ENERGY RATING SYSTEM.
  S  2.  This  act shall take effect on the thirtieth day after it shall
have become a law and shall apply to eligible  real  property  purchased
pursuant to contracts of sale executed on or after such effective date.