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.
LBD13762-05-4
A. 8588--A 2
75-0101 OF THE ENVIRONMENTAL CONSERVATION LAW, 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.