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.
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13762-04-4