senate Bill S2905

Vetoed By Governor
2015-2016 Legislative Session

Establishes a tax credit for the purchase and installation of geothermal energy systems

download bill text pdf

Sponsored By

Archive: Last Bill Status - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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Actions

view actions (12)
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

Co-Sponsors

S2905 - Details

See Assembly Version of this Bill:
A2177A
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S2905 - Summary

Establishes a tax credit for the purchase and installation of geothermal energy systems.

S2905 - Sponsor Memo

S2905 - 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