senate Bill S7513

2013-2014 Legislative Session

Establishes a tax credit for developers utilizing renewable energy sources in affordable housing units

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Sponsored By

Archive: Last Bill Status - In Senate 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
May 15, 2014 referred to investigations and government operations

S7513 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §42, amd §210 & 606, Tax L

S7513 - Summary

Establishes a tax credit for developers utilizing renewable energy sources in affordable housing units.

S7513 - Sponsor Memo

S7513 - Bill Text download pdf

                    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.

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