assembly Bill A3490A

2017-2018 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2018 print number 3490a
Feb 01, 2018 amend and recommit to ways and means
Jan 03, 2018 referred to ways and means
Jan 27, 2017 referred to ways and means

Co-Sponsors

Multi-Sponsors

A3490 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9925

A3490 (ACTIVE) - Summary

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

A3490 (ACTIVE) - Bill Text download pdf


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

                                  3490

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by  M. of A. RYAN -- read once and referred to the Committee
  on Ways and Means

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 EIGHTEEN.
  (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
  (III) THE PURCHASE OF POWER UNDER A WRITTEN AGREEMENT  THAT  SPANS  AT
LEAST  TEN YEARS WHEREUNDER THE POWER PURCHASED IS GENERATED BY GEOTHER-

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

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A3490A (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9925

A3490A (ACTIVE) - Summary

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

A3490A (ACTIVE) - Bill Text download pdf


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

                                 3490--A

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by  M. of A. RYAN, ENGLEBRIGHT, THIELE -- Multi-Sponsored by
  -- M. of A.  LUPARDO -- read once and referred  to  the  Committee  on
  Ways  and  Means  -- recommitted to the Committee on Ways and Means in
  accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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 NINETEEN.
  (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

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

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