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Senate Bill S5366

2025-2026 Legislative Session

Provides a tax credit to corporations that purchase qualified green construction equipment

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Current Bill Status - In Senate Committee Budget And Revenue Committee

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2025-S5366 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8358
2019-2020: S3782
2021-2022: S3871
2023-2024: S6513

2025-S5366 (ACTIVE) - Summary

Provides a tax credit to corporations that purchase qualified green construction equipment equivalent to thirty percent of the total expenses incurred during the taxable year in purchasing such equipment.

2025-S5366 (ACTIVE) - Sponsor Memo

2025-S5366 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5366
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 21, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 providing a  tax  credit  to
   corporations that purchase qualified green construction equipment
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 61 to read as follows:
   61.  GREEN  CONSTRUCTION TAX CREDIT. (A) A TAXPAYER LOCATED WITHIN THE
 STATE 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  EQUAL  TO  THIRTY  PERCENT OF THE TOTAL EXPENSES INCURRED DURING THE
 TAXABLE YEAR IN PURCHASING QUALIFIED GREEN CONSTRUCTION EQUIPMENT.
   (B)  FOR  THE  PURPOSES  OF   THIS   SUBDIVISION,   "QUALIFIED   GREEN
 CONSTRUCTION   EQUIPMENT"  SHALL  BE  DEFINED  AS  HEAVY-DUTY  VEHICLES,
 PURCHASED  WITHIN  THE   STATE,   SPECIALLY   DESIGNED   FOR   EXECUTING
 CONSTRUCTION  TASKS  AND  EARTHWORK OPERATIONS INCLUDING HEAVY MACHINES,
 HEAVY TRUCKS, CONSTRUCTION EQUIPMENT, ENGINEERING EQUIPMENT, HEAVY VEHI-
 CLES OR HEAVY HYDRAULICS.   QUALIFIED GREEN  CONSTRUCTION  EQUIPMENT  IS
 PROHIBITED FROM:
   (I) PRODUCING GREENHOUSE GAS EMISSIONS;
   (II) UTILIZING FOSSIL FUELS; AND
   (III) EMITTING TOXIC CHEMICALS.
   (C)  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
 SHALL NOT REDUCE THE TAX DUE FOR SUCH  YEAR  TO  LESS  THAN  THE  AMOUNT
 PRESCRIBED  IN  PARAGRAPH  (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED
 TEN OF THIS ARTICLE.
   (D) THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED UNDER THIS SUBDIVISION
 IN ANY CALENDAR YEAR STATEWIDE SHALL BE TEN MILLION DOLLARS. SUCH AGGRE-
 GATE AMOUNT OF CREDITS SHALL BE ALLOCATED PURSUANT TO  RULES  AND  REGU-
 LATIONS PROMULGATED BY THE COMMISSIONER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09511-01-5

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