Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 05, 2025 |
referred to investigations and government operations |
Senate Bill S4438
2025-2026 Legislative Session
Sponsored By
(R) 43rd Senate District
Current Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2025-S4438 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §§50 & 187-s, amd §§210-B, 606 & 1511, Tax L
- Versions Introduced in 2023-2024 Legislative Session:
-
S9896
2025-S4438 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4438 SPONSOR: ASHBY TITLE OF BILL: An act to amend the tax law, in relation to establishing a hydroelectric power tax credit PURPOSE: To provide tax relief to hydroelectric power plants to help offset reli- censing costs. SUMMARY OF PROVISIONS: Sections 1-6 establishes a hydroelectric power tax credit equal to 50 percent of the cost of any licensing or relicensing fees assessed by any state or federal agency. The tax credit may be claimed against business taxes or personal taxes. JUSTIFICATION:
2025-S4438 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4438 2025-2026 Regular Sessions I N S E N A T E February 5, 2025 ___________ Introduced by Sen. ASHBY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a hydroelectric power tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 50 to read as follows: § 50. HYDROELECTRIC POWER CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A, TWENTY-TWO OR THIRTY-THREE OF THIS CHAPTER SHALL BE ALLOWED A HYDROELECTRIC POWER CREDIT AGAINST SUCH TAX, FOR FIFTY PERCENT OF THE COST OF ANY LICENSING OR RELICENSING FEES ASSESSED BY ANY STATE OR FEDERAL AGENCY. (B) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER: (1) ARTICLE 9: SECTION 187-S; (2) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 61; (3) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (BBB); (4) ARTICLE 33: SECTION 1511, SUBDIVISION (FF). § 2. The tax law is amended by adding a new section 187-s to read as follows: § 187-S. HYDROELECTRIC POWER CREDIT. 1. ALLOWANCE OF CREDIT. A TAXPAY- ER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FIFTY OF THIS CHAPTER, AGAINST THE TAXES IMPOSED BY SECTIONS ONE HUNDRED EIGHTY-THREE, ONE HUNDRED EIGHTY-FOUR AND FORMER SECTION ONE HUNDRED EIGHTY-SIX OF THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH CREDIT ALLOWABLE AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY- FOUR OF THIS ARTICLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08940-01-5
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