Senate Bill S1929

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1929
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sen.  AVELLA -- 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  the  green
   building credit
 
   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) GREEN BUILDING CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
 BE  ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE PROVIDED
 THAT SUCH TAXPAYER CONSTRUCTS OR  REHABILITATES  QUALIFYING  RESIDENTIAL
 REAL PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS ESTABLISHED
 BY THE NATIONAL ASSOCIATION OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
 AND  ENVIRONMENTAL  DESIGN  RATING SYSTEM DEVELOPED BY THE UNITED STATES
 GREEN BUILDING COUNCIL AND FASHIONS PROOF  THEREOF  IN  ACCORDANCE  WITH
 RULES  AND REGULATIONS PROMULGATED BY THE COMMISSIONER OF THE DEPARTMENT
 OF ENVIRONMENTAL CONSERVATION IN CONJUNCTION WITH THE COMMISSIONER.
   (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO  THE
 ALLOWABLE  COSTS  PAID  OR  INCURRED  BY THE TAXPAYER, IF THE OWNER, FOR
 EITHER THE CONSTRUCTION OR REHABILITATION OF QUALIFYING RESIDENTIAL REAL
 PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS  ESTABLISHED  BY
 THE  NATIONAL  ASSOCIATION  OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
 AND ENVIRONMENTAL DESIGN RATING SYSTEM DEVELOPED BY  THE  UNITED  STATES
 GREEN  BUILDING  COUNCIL;  PROVIDED, HOWEVER, THAT SUCH CREDIT SHALL NOT
 EXCEED TEN THOUSAND DOLLARS AND SHALL NOT BE AWARDED MORE THAN ONCE IN A
 PERIOD OF TEN YEARS.
   (3) FOR THE  PURPOSE  OF  THIS  SUBSECTION,  "ALLOWABLE  COSTS"  MEANS
 AMOUNTS  PROPERLY  CHARGEABLE TO AN ACCOUNT (OTHER THAN FOR LAND), WHICH
 ARE PAID OR INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND  SEVENTEEN,
 FOR:  CONSTRUCTION OR REHABILITATION; COMMISSIONING COSTS; INTEREST PAID
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01192-01-7

 S. 1929                             2
 
 OR  INCURRED  DURING  THE  CONSTRUCTION OR REHABILITATION PERIOD; LEGAL,
 ARCHITECTURAL, ENGINEERING AND  OTHER  PROFESSIONAL  FEES  ALLOCABLE  TO
 CONSTRUCTION OR REHABILITATION; CLOSING COSTS FOR CONSTRUCTION, REHABIL-
 ITATION OR MORTGAGE LOANS; RECORDING TAXES AND FILING FEES INCURRED WITH
 RESPECT TO CONSTRUCTION OR REHABILITATION; SITE COSTS (SUCH AS TEMPORARY
 ELECTRIC WIRING, SCAFFOLDING, DEMOLITION COSTS, AND FENCING AND SECURITY
 FACILITIES);  AND  COSTS  OF FURNITURE, CARPETING, PARTITIONS, WALLS AND
 WALL COVERINGS, CEILINGS, DRAPES, BLINDS, LIGHTING, PLUMBING, ELECTRICAL
 WIRING AND VENTILATION; PROVIDED THAT SUCH COSTS SHALL NOT  INCLUDE  THE
 COST  OF  TELEPHONE  SYSTEMS AND COMPUTERS (OTHER THAN ELECTRICAL WIRING
 COSTS) AND SHALL NOT INCLUDE THE COST  OF  FUEL  CELLS  OR  PHOTOVOLTAIC
 MODULES  (INCLUDING  INSTALLATION)  OR  THE COST OF NEW AIR CONDITIONING
 EQUIPMENT USING AN EPA-APPROVED NON-OZONE DEPLETING REFRIGERANT OR OTHER
 EPA-APPROVED REFRIGERANT APPROVED BY THE COMMISSIONER  OF  ENVIRONMENTAL
 CONSERVATION (EXCLUDING INSTALLATION).
   (4)  FOR  THE PURPOSES OF THIS SUBSECTION "QUALIFYING RESIDENTIAL REAL
 PROPERTY" SHALL MEAN THE PRINCIPAL PLACE OF RESIDENCE OF  AN  INDIVIDUAL
 TAXPAYER  WHO  CLAIMS A CREDIT PURSUANT TO THIS SUBSECTION. IN THE EVENT
 THAT SUCH PLACE OF RESIDENCE IS  A  MULTIPLE  DWELLING,  AS  DEFINED  BY
 SUBDIVISION  SEVEN  OF SECTION FOUR OF THE MULTIPLE DWELLING LAW, ALLOW-
 ABLE  COSTS  SHALL  ONLY  CONSTITUTE  THOSE  COSTS   INCURRED   DUE   TO
 CONSTRUCTION OR REHABILITATION UNDERTAKEN ON THE PORTION OF THE DWELLING
 THAT CONSTITUTES AN INDIVIDUAL TAXPAYER'S UNIT.
   (5)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
 MAY  BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS FOR UP TO FIVE YEARS
 AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (6) THE COMMISSIONER OF THE DEPARTMENT OF ENVIRONMENTAL  CONSERVATION,
 IN  CONJUNCTION  WITH  THE COMMISSIONER, SHALL PROMULGATE SUCH RULES AND
 REGULATIONS AS MAY BE NECESSARY  FOR  THE  DISTRIBUTION  OF  THE  CREDIT
 ESTABLISHED BY THIS SUBSECTION.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2017.