senate Bill S1412A

2013-2014 Legislative Session

Relates to increasing the tax credit provided for solar energy system equipment

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2014 print number 1412a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S1412 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6242

S1412 - Bill Texts

view summary

Relates to increasing the tax credit provided for solar energy system equipment from $5000 to $10,000.

view sponsor memo
BILL NUMBER:S1412

TITLE OF BILL: An act to amend the tax law, in relation to increasing
the tax credit provided for solar energy system equipment

PURPOSE: To increase the allowable tax credit for the installation of
solar energy system equipment.

SUMMARY OF PROVISIONS: Amends paragraph 1 of subsection (g-1) of
section 606 of the tax law to allow for a tax credit up to $10,000 for
qualified solar energy equipment placed in service on or after
September 1, 2013.

EXISTING LAW: The current tax credit cap for qualified solar energy
equipment is $5,000.

JUSTIFICATION: The allowable personal tax credit for solar energy
equipment has not been increased since 2005 despite the fact that the
purchase and installation costs remain higher than most New Yorkers
can afford.

Solar energy technology has many advantages. It is a free and
renewable energy source; environmentally friendly (no noise or
smells); reduces or eliminates the cost of electricity; allows
consumers to receive incentives and rebates from governments and
utility companies; reduces reliance on foreign oil; and enables net
metering, giving consumers the opportunity to sell their excess
electricity or get a credit from the utility company.

Solar energy technology, however, still remains a costly alternative
to the use of readily available fossil fuel technologies. The greatest
obstacle to using this energy source is the initial cost of the
equipment used to harness the suns energy. By increasing the solar
energy equipment tax credit, more New Yorkers will be able to retrofit
their homes with solar energy systems. Consumer demand will drive down
the cost of solar panels, which will likely lead to an increase in
solar cells to generate electricity.

Qualified solar energy expenditures include material and installation
costs relating to components utilizing solar radiation to produce
energy designed to provide heating, cooling, hot water, or electricity
for residential use.

FISCAL IMPLICATIONS: 2008: 3.2 million; 2011: $4.0 million; the
fiscal impact cannot be determined because the number of taxpayers who
would take advantage of and qualify for a solar energy tax credit of
an increased amount (up to $10,000) is uncertain.

EFFECTIVE DATE: This act shall take effect immediately and shall
apply to taxable years commencing on and after January 1, 2013.

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

                                  1412

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. MONTGOMERY, ADAMS, DILAN, KENNEDY, SQUADRON -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Investigations and Government Operations

AN  ACT  to  amend the tax law, in relation to increasing the tax credit
  provided for solar energy system equipment

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

  Section  1.  Paragraph 1 of subsection (g-1) of section 606 of the tax
law, as amended by chapter 375 of the laws of 2012, is amended  to  read
as follows:
  (1)  General. An individual taxpayer shall be allowed a credit against
the tax imposed by this article equal to twenty-five percent  of  quali-
fied  solar  energy system equipment expenditures, except as provided in
subparagraph (D) of paragraph two of this subsection. This credit  shall
not  exceed  three  thousand  seven  hundred fifty dollars for qualified
solar energy equipment placed in service  before  September  first,  two
thousand  six,  and  five  thousand  dollars  for qualified solar energy
equipment placed in service on or after September  first,  two  thousand
six  AND  PRIOR TO SEPTEMBER FIRST, TWO THOUSAND THIRTEEN, AND TEN THOU-
SAND DOLLARS FOR QUALIFIED SOLAR ENERGY EQUIPMENT PLACED IN  SERVICE  ON
OR AFTER SEPTEMBER FIRST, TWO THOUSAND THIRTEEN.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2013.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01986-01-3

Co-Sponsors

S1412A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6242

S1412A (ACTIVE) - Bill Texts

view summary

Relates to increasing the tax credit provided for solar energy system equipment from $5000 to $10,000.

view sponsor memo
BILL NUMBER:S1412A

TITLE OF BILL: An act to amend the tax law, in relation to increasing
the tax credit provided for solar energy system equipment

PURPOSE: To increase the allowable tax credit for the installation of
solar energy system equipment.

SUMMARY OF PROVISIONS: Amends paragraph 1 of subsection (g-1) of
section 606 of the tax law to allow for a tax credit up to $10,000 for
qualified solar energy equipment placed in service on or after
September 1, 2013.

EXISTING LAW: The current tax credit cap for qualified solar energy
equipment is $5,002.

JUSTIFICATION: The allowable personal tax credit for solar energy
equipment has not been increased since 2005 despite the fact that the
purchase and installation costs remain higher than most New Yorkers
can afford.

Solar energy technology has many advantages. It is a free and
renewable energy source; environmentally friendly (no noise or
smells); reduces or eliminates the cost of electricity; allows
consumers to receive incentives and rebates from governments and
utility companies; reduces reliance on foreign oil; and enables net
metering, giving consumers the opportunity to sell their excess
electricity or get a credit from the utility company.

Solar energy technology, however, still remains a costly alternative
to the use of readily available fossil fuel technologies. The greatest
obstacle to using this energy source is the initial cost of the
equipment used to harness the suns energy. By increasing the solar
energy equipment tax credit, more New Yorkers will be able to retrofit
their homes with solar energy systems. Consumer demand will drive down
the cost of solar panels, which will likely lead to an increase in
solar cells to generate electricity.

Qualified solar energy expenditures include material and installation
costs relating to components utilizing solar radiation to produce
energy designed to provide heating, cooling, hot water, or electricity
for residential use.

FISCAL IMPLICATIONS: 2008: 3.2 million; 2011: $4.0 million; the fiscal
impact cannot be determined because the number of taxpayers who would
take advantage of and qualify for a solar energy tax credit of an
increased amount (up to $10,000) is uncertain.

EFFECTIVE DATE: This act shall take effect immediately and shall apply
to taxable years commencing on and after January 1, 2014.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1412--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sens. MONTGOMERY, DILAN, KENNEDY, PARKER, SQUADRON -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and Government Operations  --  recommitted
  to  the  Committee  on  Investigations  and  Government  Operations in
  accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the tax law, in relation to increasing  the  tax  credit
  provided for solar energy system equipment

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

  Section 1. Paragraph 1 of subsection (g-1) of section 606 of  the  tax
law,  as  amended by chapter 375 of the laws of 2012, is amended to read
as follows:
  (1) General. An individual taxpayer shall be allowed a credit  against
the  tax  imposed by this article equal to twenty-five percent of quali-
fied solar energy system equipment expenditures, except as  provided  in
subparagraph  (D) of paragraph two of this subsection. This credit shall
not exceed three thousand seven  hundred  fifty  dollars  for  qualified
solar  energy  equipment  placed  in service before September first, two
thousand six, and five  thousand  dollars  for  qualified  solar  energy
equipment  placed  in  service on or after September first, two thousand
six AND PRIOR TO SEPTEMBER FIRST, TWO THOUSAND FOURTEEN, AND  TEN  THOU-
SAND  DOLLARS  FOR QUALIFIED SOLAR ENERGY EQUIPMENT PLACED IN SERVICE ON
OR AFTER SEPTEMBER FIRST, TWO THOUSAND FOURTEEN.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2014.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01986-02-4

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