senate Bill S7449

2013-2014 Legislative Session

Relates to establishing a corporate and a personal income tax credit for wind energy system equipment

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


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

do you support this bill?

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 15, 2014 referred to investigations and government operations

S7449 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

S7449 - Summary

Relates to establishing a corporate and a personal income tax credit for wind energy system equipment.

S7449 - Sponsor Memo

S7449 - Bill Text download pdf

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

                                  7449

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by  Sen.  GIPSON -- 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 establishing a corporate and
  a personal income tax credit for wind energy system equipment

  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 50 to read as follows:
  50. WIND ENERGY SYSTEM EQUIPMENT CREDIT.  (A) GENERAL. A TAXPAYER, WHO
OWNS OR OPERATES WIND ENERGY SYSTEM EQUIPMENT, SHALL BE ALLOWED A CREDIT
AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT  OF
QUALIFIED  WIND  ENERGY SYSTEM EQUIPMENT EXPENDITURES. THIS CREDIT SHALL
NOT EXCEED SEVEN THOUSAND FIVE HUNDRED DOLLARS.
  (B) QUALIFIED WIND ENERGY SYSTEM EQUIPMENT EXPENDITURES. (I) THE  TERM
"QUALIFIED  WIND  ENERGY  SYSTEM  EQUIPMENT EXPENDITURES" MEANS EXPENDI-
TURES, LIMITED TO THE EXPENDITURE CAP PRESCRIBED IN SUBPARAGRAPH (II) OF
THIS PARAGRAPH, FOR THE PURCHASE OF WIND ENERGY SYSTEM  EQUIPMENT  WHICH
IS  INSTALLED  IN  CONNECTION WITH PROPERTY WHICH IS (A) LOCATED IN THIS
STATE AND (B) WHICH IS USED BY THE TAXPAYER  AS  HIS  OR  HER  PRINCIPAL
PREMISES  AT  THE  TIME  THE  WIND  ENERGY SYSTEM EQUIPMENT IS PLACED IN
SERVICE.
  (II) FOR PURPOSES OF SUBPARAGRAPH (I)  OF  THIS  PARAGRAPH,  THE  TERM
"EXPENDITURE  CAP" SHALL MEAN THE PRODUCT OF (A) SIX DOLLARS AND (B) THE
NUMBER OF WATTS INCLUDED IN THE RATED CAPACITY OF THE WIND ENERGY SYSTEM
EQUIPMENT.
  (III) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE EXPENDITURES FOR MATE-
RIALS, LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE  PREPARATION,  ASSEMBLY
AND  ORIGINAL  INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND
DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION  OR  INSTALLATION
OF THE WIND ENERGY SYSTEM EQUIPMENT.
  (IV)  SUCH  QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER
FINANCE CHARGES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15135-01-4

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.