Assembly Bill A8588A

2023-2024 Legislative Session

Increases the amount of geothermal energy systems tax credits

download bill text pdf

Sponsored By

Current 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

Do you support this bill?

Please enter your contact information

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

Bill Amendments

co-Sponsors

multi-Sponsors

2023-A8588 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-A8588 - Summary

Increases the amount of geothermal energy systems tax credits.

2023-A8588 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8588
 
                           I N  A S S E M B L Y
 
                             January 12, 2024
                                ___________
 
 Introduced by M. of A. RIVERA -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to geothermal energy systems
   tax credits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs  1 and 9 of subsection (g-4) of section 606 of
 the tax law, as added by section 1 of part FF of chapter 59 of the  laws
 of 2022, are amended to read as follows:
   (1)  General. An individual taxpayer shall be allowed a credit against
 the tax imposed by this article equal to twenty-five percent  of  quali-
 fied  geothermal  energy  system  expenditures,  except  as  provided in
 subparagraph (D) of paragraph two of this subsection, not to exceed five
 thousand dollars FOR  QUALIFIED  GEOTHERMAL  ENERGY  SYSTEMS  PLACED  IN
 SERVICE  BEFORE  JUNE THIRTIETH, TWO THOUSAND TWENTY-FOUR, AND TEN THOU-
 SAND DOLLARS FOR QUALIFIED GEOTHERMAL ENERGY EQUIPMENT PLACED IN SERVICE
 ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR.
   (9) Carryover of credit AND REFUNDABILITY. If the amount of the  cred-
 it,  and  carryovers of such credit, allowable under this subsection for
 any taxable year shall exceed the taxpayer's tax  for  such  year,  such
 excess amount may be carried over to the five taxable years next follow-
 ing the taxable year with respect to which the credit is allowed and may
 be  deducted from the taxpayer's tax for such year or years. FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE,  IF
 THE  AMOUNT  OF  THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED
 THE TAXPAYER'S TAX LIABILITY FOR SUCH YEAR, AND THE TAXPAYER  MEETS  THE
 DEFINITION  OF  LOW-TO-MODERATE  INCOME  OR  RESIDES  IN A DISADVANTAGED
 COMMUNITY, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 CREDITED  OR  REFUNDED. ANY REFUND PAID PURSUANT TO THIS PARAGRAPH SHALL
 BE DEEMED TO BE A REFUND OF AN OVERPAYMENT OF TAX AS PROVIDED IN SECTION
 SIX HUNDRED EIGHTY-SIX OF  THIS  ARTICLE,  PROVIDED,  HOWEVER,  THAT  NO
 INTEREST SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13762-03-4
              

co-Sponsors

multi-Sponsors

2023-A8588A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-A8588A (ACTIVE) - Summary

Increases the amount of geothermal energy systems tax credits.

2023-A8588A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8588--A
 
                           I N  A S S E M B L Y
 
                             January 12, 2024
                                ___________
 
 Introduced  by  M.  of A. RIVERA, SIMON, LUNSFORD, STERN, BURKE, KELLES,
   GUNTHER, SHIMSKY, ARDILA, WALLACE, HEVESI, WEPRIN,  BICHOTTE HERMELYN,
   McDONALD,  SEAWRIGHT,  CONRAD,  COLTON,  PAULIN,  DINOWITZ,  SHRESTHA,
   ZEBROWSKI, SIMONE, TAPIA, GALLAGHER, FAHY -- Multi-Sponsored by --  M.
   of  A.    LEVENBERG -- read once and referred to the Committee on Ways
   and Means -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to  amend the tax law, in relation to geothermal energy systems
   tax credits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs  1 and 9 of subsection (g-4) of section 606 of
 the tax law, as added by section 1 of part FF of chapter 59 of the  laws
 of 2022, are amended to read as follows:
   (1)  General. An individual taxpayer shall be allowed a credit against
 the tax imposed by this article equal to twenty-five percent  of  quali-
 fied  geothermal  energy  system  expenditures,  except  as  provided in
 subparagraph (D) of paragraph two of this subsection, not to exceed five
 thousand dollars FOR  QUALIFIED  GEOTHERMAL  ENERGY  SYSTEMS  PLACED  IN
 SERVICE  BEFORE  JUNE THIRTIETH, TWO THOUSAND TWENTY-FOUR, AND TEN THOU-
 SAND DOLLARS FOR QUALIFIED GEOTHERMAL ENERGY EQUIPMENT PLACED IN SERVICE
 ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR.
   (9) Carryover of credit AND REFUNDABILITY. If the amount of the  cred-
 it,  and  carryovers of such credit, allowable under this subsection for
 any taxable year shall exceed the taxpayer's tax  for  such  year,  such
 excess amount may be carried over to the five taxable years next follow-
 ing the taxable year with respect to which the credit is allowed and may
 be  deducted from the taxpayer's tax for such year or years. FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE,  IF
 THE  AMOUNT  OF  THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED
 THE TAXPAYER'S TAX LIABILITY FOR SUCH YEAR, AND THE TAXPAYER  MEETS  THE
 DEFINITION  OF  LOW-TO-MODERATE INCOME, AS DEFINED IN SUBDIVISION (C) OF
 SECTION NINE HUNDRED SEVENTY-C OF THE GENERAL MUNICIPAL LAW, OR  RESIDES
 IN  A DISADVANTAGED COMMUNITY, AS DEFINED IN SUBDIVISION FIVE OF SECTION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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.