Senate Bill S7882

2017-2018 Legislative Session

Relates to a small business tax credit for the purchase of energy star compliant energy efficiency improvements

download bill text pdf

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 06, 2018	referred to investigations and government operations

2017-S7882 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L

2017-S7882 (ACTIVE) - Summary

Creates a small business energy efficiency tax credit for the purchase of energy star compliant energy efficiency improvements.

2017-S7882 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7882

SPONSOR: PERALTA
 
TITLE OF BILL:  An act to amend the tax law, in relation to a small
business tax credit for the purchase of ENERGY STAR compliant energy
efficiency improvements; and providing for the repeal of such provisions
upon expiration thereof

 
PURPOSE:

To amend the tax law, in relation to a small business tax credit for the
purchase of ENERGY STAR compliant energy efficiency improvements; and
providing for the repeal of such provisions upon expiration thereof

 
SUMMARY OF PROVISIONS:

Section 1 amends section 210-B of the tax law to add a new subdivision
53, which establishes the small business energy efficiency tax credit,
and provisions relating to the credit reimbursement amount, definitions
of a 'small business' and qualified taxpayer, and carryover of such tax
credit.

Section 2 amends subparagraph (B) of paragraph 1 of subsection (i) of
section 606 of the tax law is amended by adding a new clause (xliv),
which establishes the small business energy efficiency tax credit and
the amount of credit.

Section 3 amends section 606 of the tax law to add a new subsection
(ccc), which sets definitions of 'small business', 'qualified taxpayer',
amount of credit, and credit carryover.

Section 4 provides that the aggregate of tax expenditures pursuant to
this act shall not exceed $1 million.

Section 5 sets forth the effective date.

 
JUSTIFICATION:

Small businesses are the driving economic force in New York State,
employing just over half of New York's private sector workforce, accord-
ing to the New York Small Business Development Center. This legislation
enables small businesses to receive a tax credit should they choose to
purchase ENERGY STAR compliant equipment or infrastructure. Incentiviz-
ing these investments will have positive environmental impacts and work
towards New York's goal of transitioning to a clean, renewable driven
economy, while providing small businesses an economic incentive to
implement technology, which, ultimately, will drive down operating, and
infrastructure costs in the long-term future. The creation of the small
business energy efficiency tax credit will stimulate economic growth
where it is needed most - New York's small businesses and main streets -
and further New York State's commitment to investing in a green, renewa-
ble economy.

 
LEGISLATIVE HISTORY:

New Bill

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S7882 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7882
 
                             I N  S E N A T E
 
                               March 6, 2018
                                ___________
 
 Introduced  by  Sen. PERALTA -- 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 a small business tax  credit
   for  the  purchase of ENERGY STAR compliant energy efficiency improve-
   ments; and providing for the repeal of such provisions upon expiration
   thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 53 to read as follows:
   53. SMALL BUSINESS ENERGY  EFFICIENCY  TAX  CREDIT.  (A)  A  QUALIFIED
 TAXPAYER  SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
 SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR  THE  PURCHASE
 OR  UPGRADE  OF  CURRENT  EQUIPMENT  AND/OR  APPLIANCES WITH ENERGY STAR
 CERTIFIED PRODUCTS.
   (B) QUALIFIED TAXPAYER. A QUALIFIED TAXPAYER  SHALL  MEAN  A  BUSINESS
 WHICH  HAS  A  SIGNIFICANT PRESENCE IN THE STATE, IS INDEPENDENTLY OWNED
 AND OPERATED, NOT DOMINANT IN ITS  FIELD,  AND  EMPLOYS,  BASED  ON  ITS
 INDUSTRY, A NUMBER OF EMPLOYEES NOT TO EXCEED SEVENTY-FIVE.
   (C)  AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY PERCENT
 OF THE TOTAL COSTS OF THE EFFICIENCY UPGRADES, NOT TO EXCEED FIVE  THOU-
 SAND DOLLARS.
   (D)  CARRYOVER. THE CREDIT UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN  THE  AMOUNT  IN
 PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF SECTION TWO HUNDRED TEN OF THIS
 ARTICLE. HOWEVER, IF THE AMOUNT  OF  THE  CREDIT  ALLOWABLE  UNDER  THIS
 SUBDIVISION  FOR  ANY  TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF
 THE TAXPAYER OTHERWISE PAYS  TAX  BASED  ON  THE  FIXED  DOLLAR  MINIMUM
 AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
 BE  CARRIED  OVER  TO THE FOLLOWING THREE YEARS AND MAY BE DEDUCTED FROM
 THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14906-02-8

 S. 7882                             2
 
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
 follows:
 
 (XLIV) SMALL BUSINESS ENERGY            AMOUNT OF CREDIT UNDER
 EFFICIENCY TAX CREDIT UNDER             SUBDIVISION FIFTY-THREE
 SUBSECTION (CCC)                        OF SECTION TWO HUNDRED TEN-B

   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ccc) to read as follows:
   (CCC) SMALL BUSINESS ENERGY EFFICIENCY TAX  CREDIT.  (1)  A  QUALIFIED
 TAXPAYER  SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
 SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR  THE  PURCHASE
 OR  UPGRADE  OF  CURRENT  EQUIPMENT  AND/OR  APPLIANCES WITH ENERGY STAR
 CERTIFIED PRODUCTS.
   (2) QUALIFIED TAXPAYER. A QUALIFIED TAXPAYER  SHALL  MEAN  A  BUSINESS
 WHICH  HAS  A  SIGNIFICANT PRESENCE IN THE STATE, IS INDEPENDENTLY OWNED
 AND OPERATED, NOT DOMINANT IN ITS  FIELD,  AND  EMPLOYS,  BASED  ON  ITS
 INDUSTRY, A NUMBER OF EMPLOYEES NOT TO EXCEED SEVENTY-FIVE.
   (3)  AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY PERCENT
 OF THE TOTAL COSTS OF THE EFFICIENCY UPGRADES, NOT TO EXCEED FIVE  THOU-
 SAND DOLLARS.
   (4) CARRYOVER. IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION
 FOR  ANY  TAXABLE  YEAR  EXCEEDS  THE  TAXPAYER'S TAX FOR SUCH YEAR, ANY
 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
 TO THE FOLLOWING THREE YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX
 FOR SUCH YEAR OR YEARS.
   § 4.   Notwithstanding any other provision  of  the  tax  law  to  the
 contrary,  the  aggregate of tax expenditures and taxes forgone pursuant
 to this act shall not exceed $1,000,000.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on and after the first of January  next  succeeding  the
 date  on which it shall have become a law and shall remain in effect for
 five years after it shall have become a law, when  upon  such  date  the
 provisions of this act shall expire and be deemed repealed.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Find your Senator and share your views on important issues.

Do you support this bill?

Senate Bill S7882

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

2017-S7882 (ACTIVE) - Details

2017-S7882 (ACTIVE) - Summary

2017-S7882 (ACTIVE) - Sponsor Memo

2017-S7882 (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2017-S7882

Senate Bill S7882

Share this bill

Sponsored By

Jose Peralta

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

2017-S7882 (ACTIVE) - Details

2017-S7882 (ACTIVE) - Summary

2017-S7882 (ACTIVE) - Sponsor Memo

2017-S7882 (ACTIVE) - Bill Text download pdf

Comments