senate Bill S3864

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2021 referred to investigations and government operations

Co-Sponsors

S3864 (ACTIVE) - Details

See Assembly Version of this Bill:
A7493
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6249
2017-2018: S1750
2019-2020: S254, A9803

S3864 (ACTIVE) - Summary

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

S3864 (ACTIVE) - Sponsor Memo

S3864 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3864
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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  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-ONE.
   (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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06935-01-1

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