NY State Senate Bill 2015-S3970

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to investigations and government operations
Feb 25, 2015	referred to investigations and government operations

2015-S3970 (ACTIVE) - Details

See Assembly Version of this Bill:: A6571
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S3519
2011-2012: S3426, A10123
2013-2014: S3724, A2377

2015-S3970 (ACTIVE) - Summary

Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

2015-S3970 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3970

TITLE OF BILL:

An act to amend the tax law, in relation to providing a tax credit for
the purchase of voltage regulation technology

SUMMARY OF PROVISIONS:

This bill amends the Tax Law.

Section 1 amends Section 210-B of the Tax Law, by adding a new
subdivision 49 creating a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the cost of voltage regulation technology, up to one
thousand dollars, for all purchases made by such taxpayer

Section 2 adds a new clause (xli) to section 606 of the Tax Law
providing for a credit for the purchase of voltage regulation
technology under subsection (xx)

Section 3 amends section 606 by adding a new subdivision (ccc). This
subsection provides for a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to

fifty percent of the purchase price of such technology up to a one
thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of
January next succeeding the date on which it shall have become law,
and shall apply to taxable years commencing on and after such date

PURPOSE AND JUSTIFICATION:

Demand for electricity continues to increase in New York. Supplying
such increased demand must eventually lead to construction of new
power plants, increased carbon emissions and increased demand for
foreign oil. It makes more sense to increase efficiency, when
possible, both to reduce energy costs for homeowners and businesses
and to reduce the need for more electricity. This bill gives added
incentive to taxpayers to invest in voltage regulation technology that
will allow them to use electricity more efficiently, reducing their
costs while at the same time helping our environment.

PRIOR LEGISLATIVE HISTORY:

2009-10 - S.3519 -- INVESTIGATIONS
2011-12 - S.3426-A/A.10123 - FINANCE/Ways & Means
2013-14 - S.3724-A/A.2377-B - INVESTIGATIONS/Ways & Means

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:


This act shall take effect on the first of January next succeeding the
date on which it shall have become law and shall apply to taxable
years commencing on and after such date.

2015-S3970 (ACTIVE) - Bill Text download pdf

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

                                  3970

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 25, 2015
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  the purchase of voltage regulation technology

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

  Section  1.  Section  210-B  of the tax law is amended by adding a new
subdivision 49 to read as follows:
  49. CREDIT FOR THE PURCHASE OF VOLTAGE  REGULATION  TECHNOLOGY.    (A)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE  COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
(B) OF THIS SUBDIVISION, UP TO A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR.
  (B)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL  BE
REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
ITS WEBSITE.
  (C)  APPLICATION OF CREDIT.  THE CREDIT ALLOWED UNDER THIS SUBDIVISION
FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
THAN  THE  HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF
SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05614-01-5

S. 3970                             2

  S 2. 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 THE PURCHASE OF     AMOUNT OF CREDIT UNDER
VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-NINE OF
SUBSECTION (CCC)                     SECTION TWO HUNDRED TEN-B
  S 3.  Section 606 of the tax law is amended by adding a new subsection
(ccc) to read as follows:
  (CCC)  CREDIT  FOR THE PURCHASE OF VOLTAGE REGULATION TECHNOLOGY.  (1)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX  IMPOSED  BY
THIS  ARTICLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT
OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED  IN  PARAGRAPH
TWO  OF  THIS  SUBSECTION,  UP  TO  A  ONE THOUSAND DOLLAR LIMIT FOR ALL
PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR.
  (2) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
CREDIT  UNDER  THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH  AUTHORITY  SHALL  DEVELOP  A
LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
ITS WEBSITE.
  (3) APPLICATION OF CREDIT. IF THE AMOUNT OF 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 CREDIT-
ED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C) OF
SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER,  THAT
NO INTEREST SHALL BE PAID THEREON.
  S  4. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a  law  and  shall  apply  to
taxable years commencing on and after such date.  Effective immediately,
the  addition,  amendment and/or repeal of any rule or regulation neces-
sary for the implementation of  this  act  on  its  effective  date  are
authorized  to  be  made  and  completed  by  the New York state energy,
research and development authority on or before such effective date.

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Senate Bill S3970

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2015-S3970 (ACTIVE) - Details

2015-S3970 (ACTIVE) - Summary

2015-S3970 (ACTIVE) - Sponsor Memo

2015-S3970 (ACTIVE) - Bill Text download pdf

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Sponsored By

Michael H. Ranzenhofer

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

2015-S3970 (ACTIVE) - Details

2015-S3970 (ACTIVE) - Summary

2015-S3970 (ACTIVE) - Sponsor Memo

2015-S3970 (ACTIVE) - Bill Text download pdf

Comments