Senate Bill S3140

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3140
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2025
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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 establishing a historic wood
   window rehabilitation and energy retrofit tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (qqq) to read as follows:
   (QQQ) HISTORIC WOOD WINDOW  REHABILITATION  AND  ENERGY  RETROFIT  TAX
 CREDIT.  (1)  A  TAXPAYER  SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS
 HEREINAFTER PROVIDED, AGAINST THE  TAX  IMPOSED  BY  THIS  ARTICLE.  THE
 AMOUNT  OF  THE  CREDIT  SHALL  BE TWENTY-FIVE PERCENT OF THE TAXPAYER'S
 QUALIFIED  REHABILITATION  AND  ENERGY  RETROFIT  EXPENDITURES  PAID  OR
 INCURRED  WITHIN  THE FIVE YEARS IMMEDIATELY PRECEDING THE YEAR IN WHICH
 SUCH TAX CREDIT SHALL BE APPLIED  WITH  RESPECT  TO  ANY  HISTORIC  WOOD
 WINDOWS LOCATED IN THIS STATE. ALL SUCH REHABILITATION AND ENERGY RETRO-
 FIT  SHALL  INCLUDE  ENERGY  EFFICIENCY  UPGRADES  WHILE MAINTAINING THE
 HISTORIC INTEGRITY OF ALL SUCH WINDOWS. FOR PURPOSES OF THIS SUBSECTION,
 THE TERM "ENERGY EFFICIENCY UPGRADES" SHALL  MEAN  REPAIRS  IN  KIND  TO
 DETERIORATED  HISTORIC WOOD WINDOWS, WINDOW SASH SYSTEMS AND OPERATIONAL
 COMPONENTS, INCLUDING BUT NOT LIMITED TO,  REGLAZING,  WEATHERSTRIPPING,
 AND  THE  APPROPRIATE INSTALLATION OF INTERIOR OR EXTERIOR STORM WINDOWS
 TO PROTECT HISTORIC SASH. FOR THE PURPOSES OF THIS SUBSECTION, THE  TERM
 "HISTORIC  WOOD  WINDOWS"  MEANS  A  WOOD  WINDOW THAT IS FIFTY YEARS OR
 OLDER, AS EVALUATED AND APPROVED  BY  THE  STATE  HISTORIC  PRESERVATION
 OFFICE.
   (2)  THE  TOTAL  AMOUNT  OF TAX CREDITS ALLOCATED TO THE HISTORIC WOOD
 WINDOW REHABILITATION AND ENERGY RETROFIT TAX CREDIT  EACH  FISCAL  YEAR
 SHALL NOT EXCEED TWO HUNDRED THOUSAND DOLLARS OF QUALIFIED EXPENDITURES.
 REBATES  SHALL  BE ALLOCATED TO APPLICANTS ON A FIRST-COME, FIRST-SERVED
 BASIS, DETERMINED BY THE DATE THE APPLICATION  IS  RECEIVED,  UNTIL  ALL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00210-01-5
              

 S. 3140                             2
 
 APPROPRIATED  FUNDS  FOR THE FISCAL YEAR ARE EXPENDED. AN OWNER-OCCUPIED
 RESIDENTIAL PROPERTY OR OWNERS OF COMMERCIAL PROPERTIES SHALL NOT EXCEED
 FIFTY THOUSAND DOLLARS IN EXPENDITURES PER FISCAL YEAR.
   (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR  AND  THE  TAXPAYER'S  NEW  YORK
 ADJUSTED  GROSS  INCOME  FOR  SUCH  YEAR  DOES NOT EXCEED SIXTY THOUSAND
 DOLLARS, THE EXCESS SHALL BE TREATED AS AN  OVERPAYMENT  OF  TAX  TO  BE
 CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE; PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL  BE PAID THEREON. IF THE TAXPAYER'S NEW YORK ADJUSTED GROSS INCOME
 FOR SUCH YEAR EXCEEDS SIXTY THOUSAND DOLLARS, THE EXCESS CREDIT  MAY  BE
 CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE
 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after such date.