S T A T E   O F   N E W   Y O R K
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                                    378
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced by M. of A. LIFTON, LUPARDO, O'DONNELL, THIELE -- Multi-Spon-
   sored  by  -- M.  of A. JAFFEE, 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 (jjj) to read as follows:
   (JJJ) 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD01827-01-9

 A. 378                              2
 
   (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERMS:
   (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.