Senate Bill S1338

                                 
BILL NUMBER: S1338

SPONSOR: PARKER
 
TITLE OF BILL:

An act to amend the public authorities law, in relation to emerging
technology industrial classifications for clean environment and energy
technologies

 
PURPOSE OR GENERAL IDEA OF BILL:

The intent of this legislation is to add clean environmental and energy
technologies to the list of emerging industrial classifications in New
York State.

 
SUMMARY OF SPECIFIC PROVISIONS:

A new subparagraph six is added to section 3102-e of the Public Authori-
ties Law to read as follows: (7) clean environment and energy technolo-
gies that involve new and innovative pollution reduction methods, renew-
able resource energy generation or storage, and energy efficiency
measures such as smart grid, automated or computerized energy control
              

systems designed to deliver electric generation to the end use customer
in an integrated manner using the latest advances in digital and infor-
mational technology to improve electric system efficiency.

 
JUSTIFICATION:

The intent of this legislation is to add clean environmental and energy
technologies to the list of emerging industrial classifications in New
York State. This classification will allow entrepreneurs and businesses
involved in cutting edge clean environmental and energy technologies to
be certified as a "Qualified Emerging Technology Company" which would
make them eligible for additional capital tax credits and investment
opportunities.  Currently, for a company to be certified as by the NYS
Commissioner of Tax and Finance for tax breaks as emerging technology
company (QETC), the industry must: (i) be as defined under section
3102-e of the public authorities law (PAL); (ii) be located in New York
State; and,

(iii) have total annual product sales of $10 million or less. The
current emerging technologies under section 3102-e(1) (b) of the PAL
those technologies related to: advanced materials and processing; engi-
neering, production, and defense; electronic and photonic devices and
components;information and communication technologies; biotechnologies;
and, remanufacturing. In New York State, significant investment is
already being made by businesses and utilities, as well as the New York
State Energy and Research Development Authority (NYSERDA), the Empire
State Development Corporation (ESDC), the Public Service Commission
(PSC), the Division of Housing and Community Renewal (DHCR) and the New
York. State Foundation for Science, Technology and Innovation (NYSTAR).
In addition to State funding, there has also been increased funding
available from the federal sources. This growth is expected to create
new business opportunities and integrate clean environmental and energy
technologies, practices and services across all sectors. While signif-
icant investment is being made in New York, the State faces the threat
of falling behind in the race to develop the clean environmental and
energy technologies to other states such as California, Connecticut,
Maine, Maryland, Massachusetts, New Jersey as well as several other
states being to actively pursue supporting these technologies. If New
York State fails to aggressively promote these technologies, it would
mean a significant loss of revenue, but also a significant job loss from
a sector that is actively working to train and develop a skilled work-
force capable of supporting these industries.

 
PRIOR LEGISLATIVE HISTORY:

2023-24: S375- Referred to Internet and technology

2019/20: S3587 - Referred to internet and technology

2017/18: S3121 2015-2016: S.1526 - Referred to Commerce, Economic Devel-
opment and Small Business

2013-2014: S.3206 - Died in Commerce

2011-2012: S.3371 - Died in Commerce, Ec Dev, Small Business 2010:
S.8356 - Died in Rules

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.