Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 06, 2018 |
reported and committed to finance |
Jan 03, 2018 |
referred to investigations and government operations returned to senate died in assembly |
Jun 20, 2017 |
referred to ways and means delivered to assembly passed senate |
Jun 05, 2017 |
advanced to third reading |
May 24, 2017 |
2nd report cal. |
May 23, 2017 |
1st report cal.1260 |
Feb 14, 2017 |
reported and committed to finance |
Jan 10, 2017 |
referred to investigations and government operations |
Senate Bill S1750
2017-2018 Legislative Session
Sponsored By
(R, C, IP) 62nd Senate District
Archive: Last Bill Status - In Senate Committee Finance 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
Actions
Votes
co-Sponsors
(D) Senate District
(D) Senate District
(R, C) 60th Senate District
(D) Senate District
2017-S1750 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S6249
2019-2020: S254
2021-2022: S3864
2017-S1750 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1750 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 heat buildings.
2017-S1750 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1750 2017-2018 Regular Sessions I N S E N A T E January 10, 2017 ___________ 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07627-01-7
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