Assembly Bill A9803

2019-2020 Legislative Session

Relates to establishing a tax credit for the purchase and installation of geothermal energy systems

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2019-A9803 (ACTIVE) - Details

See Senate Version of this Bill:
S254
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6249
2017-2018: S1750
2021-2022: A7493, S3864

2019-A9803 (ACTIVE) - Summary

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

2019-A9803 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9803
 
                           I N  A S S E M B L Y
 
                             February 13, 2020
                                ___________
 
 Introduced  by  M.  of A. RYAN, CARROLL -- 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 TWENTY.
   (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-
 MAL ENERGY SYSTEM EQUIPMENT OWNED BY A PERSON OTHER  THAN  THE  TAXPAYER
 WHICH  IS INSTALLED IN CONNECTION WITH RESIDENTIAL PROPERTY WHICH IS (I)
 LOCATED IN THIS STATE AND (II) USED BY THE TAXPAYER AS HIS OR HER  PRIN-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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