|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 09, 2013||referred to investigations and government operations|
senate Bill S1669
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1669 - Details
S1669 - Summary
Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSERDA to develop a list of qualified products and improvements and provides that such improvements shall not affect the assessed valuation of real property for tax purposes.
S1669 - Sponsor Memo
BILL NUMBER:S1669 TITLE OF BILL: An act to amend the tax law and the real property tax law, in relation to providing a tax credit for the purchase of energy efficient home improvements PURPOSE: To provide an income tax credit of up to 25% of the cost of any items that improve the energy efficiency of a home, up to $2,500. Also requires the New York State Energy Research and Development Agency (NYSERDA) to develop a list of acceptable energy efficiency improvements that will be covered under the program and provides that such upgrades shall not affect the assessed value of the home. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the tax law to provide an income tax credit of up to25o of the cost of any items that improve the energy efficiency of a home, up to a maximum of $2,500. Also directs NYSERDA to adopt rules and regulations setting forth home improvements which qualify for the tax credit and have them provide such list on their website. Section 2 amends the Real. Property Tax law by requiring that any energy efficiency upgrades not affect the assessed value of the home.
S1669 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1669 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. GRISANTI, MAZIARZ -- 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 and the real property tax law, in relation to providing a tax credit for the purchase of energy efficient home improvements 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 (vv) to read as follows: (VV) CREDIT FOR THE PURCHASE OF ENERGY EFFICIENT HOME IMPROVEMENTS. (1) ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED- IT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO TWENTY-FIVE PERCENT OF THE COST OF ENERGY EFFICIENT HOME IMPROVEMENTS, AS PROVIDED IN PARAGRAPH TWO OF THIS SUBSECTION, UP TO A TWO THOUSAND FIVE HUNDRED DOLLAR LIMIT FOR ALL HOME IMPROVEMENTS MADE BY SUCH TAXPAY- ER TO THE TAXPAYER'S PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED WITHIN THIS STATE. (2) THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL ADOPT RULES AND REGULATIONS SETTING FORTH HOME IMPROVEMENTS WHICH QUALI- FY FOR THE CREDIT UNDER THIS SUBSECTION. 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 SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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