Senate Bill S7513

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

                                  7513

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by  Sen.  PARKER -- 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  tax  credit
  for  developers utilizing renewable energy sources in affordable hous-
  ing units

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

  Section  1.  The tax law is amended by adding a new section 42 to read
as follows:
  S 42. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES.  (A)  GENERAL.  A
TAXPAYER SUBJECT TO TAX UNDER ARTICLE 9-A OR TWENTY-TWO OF THIS CHAPTER,
WHO IS A DEVELOPER WHO USES RENEWABLE SOURCES OF ENERGY, AS SUCH TERM IS
DEFINED IN SUBDIVISION TWELVE OF SECTION 1-103 OF THE ENERGY LAW, DURING
THE  CONSTRUCTION  OF AN AFFORDABLE HOUSING FACILITY, SHALL BE ALLOWED A
CREDIT AGAINST SUCH TAXES IN AN AMOUNT OF TWO THOUSAND DOLLARS PER QUAL-
IFIED UNIT AND PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION  (C)
OF THIS SECTION.
  (B) DEFINITIONS. (1) "AFFORDABLE HOUSING FACILITY" SHALL MEAN A BUILD-
ING  CONTAINING TEN OR MORE UNITS, NINETY PERCENT OF WHICH ARE QUALIFIED
UNITS.
  (2) "QUALIFIED UNIT" SHALL MEAN ANY UNIT WITHIN AN AFFORDABLE  HOUSING
FACILITY THAT USES RENEWABLE SOURCES OF ENERGY AND IS OCCUPIED BY ONE OR
MORE  PEOPLE  WHOSE TOTAL INCOME IS LESS THAN ONE HUNDRED PERCENT OF THE
AREA MEDIAN INCOME.
  (C) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
  (1) ARTICLE 9-A: SECTION 210, SUBDIVISION 50
  (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (CCC)
  S 2. Section 210 of the tax law is amended by adding a new subdivision
50 to read as follows:
  50. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL BE
ALLOWED  A  CREDIT,  TO  BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF
THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. IN NO EVENT SHALL

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

                                                           LBD15232-01-4

S. 7513                             2

THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY  TAXABLE  YEAR  REDUCE
THE  TAX  DUE  FOR SUCH YEAR TO LESS THAN THE AMOUNT PRESCRIBED IN PARA-
GRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT  OF
CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT  DEDUCTIBLE  IN  SUCH
TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
  S 3. Section 606 of the tax law is amended by adding a new  subsection
(ccc) to read as follows:
  (CCC)  CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED FOR IN SECTION FORTY-TWO
OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. IF THE  AMOUNT
OF  THE  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 CREDITED 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.
  S  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding  a  new  clause  (xli)  to  read  as
follows:
(XLI) CREDIT FOR UTILIZING RENEWABLE              AMOUNT OF CREDIT UNDER
ENERGY SOURCES UNDER SUBSECTION (CCC)             SUBDIVISION FORTY-TWO
                                                  OF SECTION TWO HUNDRED
                                                  TEN
  S  5.  This act shall take effect immediately; provided, however, that
the amendments made to subparagraph (B) of paragraph 1 of subsection (i)
of section 606 of the tax law made by section four  of  this  act  shall
take  effect  on  the  same date and in the same manner as section 68 of
part A of chapter 59 of the laws of 2014, takes effect.