Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
vetoed memo.251 |
Nov 10, 2015 |
delivered to governor |
Jun 01, 2015 |
returned to senate passed assembly ordered to third reading cal.468 substituted for a2177a |
Apr 22, 2015 |
referred to ways and means delivered to assembly passed senate |
Apr 21, 2015 |
ordered to third reading cal.351 committee discharged and committed to rules |
Jan 30, 2015 |
referred to investigations and government operations |
Senate Bill S2905
Vetoed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) 62nd Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
(R, C, G, IP, SC) Senate District
(D) Senate District
(R, C, IP) Senate District
2015-S2905 (ACTIVE) - Details
2015-S2905 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2905 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit for geothermal energy systems PURPOSE OR GENERAL IDEA OF THE BILL: This bill establishes a tax credit for the purchase and installation of geothermal energy systems. SUMMARY OF SPECIFIC PROVISIONS: Section 606 of the tax law is amended by adding a new subsection (g-3) to extend tax credits to cover the purchase and installation costs of geothermal energy systems. JUSTIFICATION: Geothermal energy systems provide natural and renewable energy. The systems do not require the burning of fossil fuels and emit almost no carbon gases. They are efficient and much better for the environment than are conventional methods of supplying heat to buildings. Allowing a tax credit will increase the use of geothermal energy systems. This will create more green jobs and reduce the amount of carbon used to
2015-S2905 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2905 2015-2016 Regular Sessions I N S E N A T E January 30, 2015 ___________ Introduced by Sen. ORTT -- 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 credit for geothermal energy systems 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 (g-3) to read as follows: (G-3) GEOTHERMAL ENERGY SYSTEMS CREDIT. (1) GENERAL. AN INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI- CLE EQUAL TO TWENTY-FIVE PERCENT OF QUALIFIED GEOTHERMAL ENERGY SYSTEM EXPENDITURES, EXCEPT AS PROVIDED IN SUBPARAGRAPH (D) OF PARAGRAPH TWO OF THIS SUBSECTION. THIS CREDIT SHALL NOT EXCEED FIVE THOUSAND DOLLARS FOR A QUALIFIED GEOTHERMAL ENERGY SYSTEM PLACED IN SERVICE ON OR AFTER SEPTEMBER FIRST, TWO THOUSAND FIFTEEN. (2) QUALIFIED GEOTHERMAL ENERGY SYSTEMS EXPENDITURES. (A) THE TERM "QUALIFIED GEOTHERMAL ENERGY SYSTEM EXPENDITURES" MEANS EXPENDITURES FOR: (I) THE PURCHASE OF GEOTHERMAL ENERGY SYSTEM EQUIPMENT WHICH IS INSTALLED IN CONNECTION WITH RESIDENTIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS HIS OR HER PRIN- CIPAL RESIDENCE AT THE TIME THE GEOTHERMAL ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; (II) THE LEASE OF GEOTHERMAL ENERGY SYSTEM EQUIPMENT UNDER A WRITTEN AGREEMENT THAT SPANS AT LEAST TEN YEARS WHERE SUCH EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER IS INSTALLED IN CONNECTION WITH RESIDEN- TIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE GEOTH- ERMAL ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04961-05-5
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