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 Senate Committee Investigations And Government Operations 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

S7449 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S1212
2017-2018: S3403
2019-2020: S3592

S7449 (ACTIVE) - Summary

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

S7449 (ACTIVE) - Sponsor Memo

S7449 (ACTIVE) - 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

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