| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 06, 2024 |
recommit, enacting clause stricken |
| Mar 13, 2024 |
print number 8106a |
| Mar 13, 2024 |
amend and recommit to budget and revenue |
| Jan 08, 2024 |
referred to budget and revenue |
Senate Bill S8106A
2023-2024 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - Stricken
Actions
Bill Amendments
co-Sponsors
(D, WF) 56th Senate District
(D, WF) 28th Senate District
2023-S8106 - Details
2023-S8106 - Sponsor Memo
BILL NUMBER: S8106
SPONSOR: KENNEDY
TITLE OF BILL:
An act to amend the tax law, in relation to geothermal energy systems
tax credits
PURPOSE OR GENERAL IDEA OF BILL:
This bill doubles the existing geothermal tax credit, and makes it
refundable in certain situations
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends paragraphs 1 and 9 of subsection (g4) of section 606 of
the tax law, to double the geothermal tax credit and make it refundable
in certain situations
Section 2 sets the effective date
2023-S8106 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8106
I N S E N A T E
January 8, 2024
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
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
(D, WF) 56th Senate District
(D) 27th Senate District
(D, WF) 28th Senate District
2023-S8106A (ACTIVE) - Details
2023-S8106A (ACTIVE) - Sponsor Memo
BILL NUMBER: S8106A
SPONSOR: KENNEDY
TITLE OF BILL:
An act to amend the tax law, in relation to geothermal energy systems
tax credits
PURPOSE OR GENERAL IDEA OF BILL:
This bill doubles the existing geothermal tax credit, and makes it
refundable in certain situations
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends paragraphs 1 and 9 of subsection (g4) of section 606 of
the tax law, to double the geothermal tax credit and make it refundable
in certain situations
Section 2 sets the effective date
2023-S8106A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8106--A
I N S E N A T E
January 8, 2024
___________
Introduced by Sens. KENNEDY, COONEY, KRUEGER -- read twice and ordered
printed, and when printed to be committed to the Committee on Budget
and Revenue -- 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
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.
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