Senate Bill S3591

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3591
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 11, 2019
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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  tax  credit
   for  developers utilizing renewable energy sources in affordable hous-
   ing units

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The tax law is amended by adding a new section 44 to read
 as follows:
   § 44. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES.  (A)  GENERAL.  A
 TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAP-
 TER,  WHO  IS  A DEVELOPER WHO USES RENEWABLE SOURCES OF ENERGY, AS SUCH
 TERM IS DEFINED IN SUBDIVISION TWELVE OF SECTION  1-103  OF  THE  ENERGY
 LAW, DURING THE CONSTRUCTION OF AN AFFORDABLE HOUSING FACILITY, SHALL BE
 ALLOWED A CREDIT AGAINST SUCH TAXES IN AN AMOUNT OF TWO THOUSAND DOLLARS
 PER QUALIFIED UNIT AND PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVI-
 SION (C) OF THIS SECTION.
   (B) DEFINITIONS. (1) "AFFORDABLE HOUSING FACILITY" SHALL MEAN A BUILD-
 ING  CONTAINING TEN OR MORE UNITS, NINETY PERCENT OF WHICH ARE QUALIFIED
 UNITS.
   (2) "QUALIFIED UNIT" SHALL MEAN ANY UNIT WITHIN AN AFFORDABLE  HOUSING
 FACILITY THAT USES RENEWABLE SOURCES OF ENERGY AND IS OCCUPIED BY ONE OR
 MORE  PEOPLE  WHOSE TOTAL INCOME IS LESS THAN ONE HUNDRED PERCENT OF THE
 AREA MEDIAN INCOME.
   (C) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 53.
   (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (JJJ).
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 53 to read as follows:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09569-01-9

 S. 3591                             2
 
   53. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  FORTY-FOUR  OF
 THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. IN NO EVENT SHALL
 THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCE
 THE  TAX  DUE  FOR SUCH YEAR TO LESS THAN THE AMOUNT PRESCRIBED IN PARA-
 GRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.
 HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR  ANY
 TAXABLE  YEAR  REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS
 NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS  AN  OVERPAYMENT
 OF  TAX  TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF
 SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,  THE
 PROVISIONS  OF  SUBSECTION  (C)  OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (jjj) to read as follows:
   (JJJ)  CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL
 BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED FOR  IN  SECTION  FORTY-
 FOUR  OF  THIS  CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. 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 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.
   §  4. 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) CREDIT FOR UTILIZING RENEWABLE             AMOUNT OF CREDIT UNDER
 ENERGY SOURCES UNDER SUBSECTION (JJJ)             SUBDIVISION FIFTY-THREE
                                                   OF SECTION TWO HUNDRED
                                                   TEN-B
   § 5. This act shall take effect immediately.