S T A T E O F N E W Y O R K
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2547
2017-2018 Regular Sessions
I N A S S E M B L Y
January 20, 2017
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Introduced by M. of A. LIFTON, LUPARDO, O'DONNELL, THIELE, SKOUFIS --
Multi-Sponsored by -- M. of A. JAFFEE, SKARTADOS, STECK -- read once
and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a personal income
tax credit for the purchase of a home that meets certain energy effi-
ciency standards
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 (ccc) to read as follows:
(CCC) HERS HOME CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AS
PROVIDED IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE CREDIT SHALL
BE AS FOLLOWS:
(I) FIVE THOUSAND DOLLARS FOR THE PURCHASE OF A NEW OR RENOVATED HOME
RATED FIFTY OR LOWER BUT HIGHER THAN TWENTY-FIVE ON THE HERS INDEX;
(II) SEVEN THOUSAND FIVE HUNDRED DOLLARS FOR THE PURCHASE OF A NEW OR
RENOVATED HOME RATED TWENTY-FIVE OR LOWER BUT HIGHER THAN ZERO ON THE
HERS INDEX;
(III) TEN THOUSAND DOLLARS FOR THE PURCHASE OF A NEW OR RENOVATED HOME
RATED ZERO ON THE HERS INDEX;
(2) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
BUT WHO ARE REQUIRED TO DETERMINE THEIR STATE TAXES SEPARATELY, THE
CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE APPLIED AGAINST THE
TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
(3) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR THE TAXABLE YEAR, THE EXCESS SHALL BE
TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD-
ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
(4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERMS:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07908-01-7
A. 2547 2
(I) "ELIGIBLE REAL PROPERTY" SHALL MEAN A NEWLY CONSTRUCTED OR RENO-
VATED ONE OR TWO FAMILY RESIDENCE IN THIS STATE, THAT IS:
(A) THE PRIMARY RESIDENCE OF THE TAXPAYER; AND
(B) HAS A RATING ON THE HOME ENERGY RATING SYSTEM OF FIFTY OR LESS.
(II) "HERS" SHALL MEAN THE HOME ENERGY RATING SYSTEM.
§ 2. This act shall take effect on the thirtieth day after it shall
have become a law and shall apply to eligible real property purchased
pursuant to contracts of sale executed on or after such effective date.