S T A T E   O F   N E W   Y O R K
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                                  7512

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 22, 2013
                               ___________

Introduced  by  M.  of A. LIFTON, LUPARDO, O'DONNELL, THIELE, SKOUFIS --
  Multi-Sponsored by -- M. of A. ROBERTS, SKARTADOS,  STECK,  WEISENBERG
  -- read once and referred to the Committee on Ways and Means

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
              

A. 7512                             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.