Senator Charles J. Fuschillo, Jr. (8th Senate District) recently joined with Governor George Pataki at Farmingdale State University in unveiling two new laws creating additional tax incentives for individuals who utilize solar energy technology.
"Many energy users would have already turned to solar power, which is cleaner and safer, if they did not have to shoulder the full financial burden for the equipment. These new laws will allow those New Yorkers to save money, protect the environment, and make the choice without a major financial sacrifice," said Senator Fuschillo. "These new tax incentives will make great strides in encouraging people to use environmentally friendly technology."
"New York State has become a national leader in advancing clean-energy technologies and solutions that will protect our environment and preserve our energy resources," Governor Pataki said. "By providing these energy tax credit measures we will allow New York to build on that historic progress and help preserve the State's cherished resources for generations of New Yorkers who will follow. Investing in clean, renewable energy sources, such as solar, will help clean the air we breathe, make us less dependent on foreign fuel, and help create new jobs and businesses right here in New York State."
The first new law, which takes effect on September 1, would make residential solar energy systems more affordable by exempting them from state sales and compensating use taxes. This exemption would apply to both the purchase and installation costs. Additionally, local municipalities will now also have the option of granting a local exemption.
The second new law broadens the personal income tax credit given to individuals who purchase solar electric generating equipment. Equipment that utilizes solar energy for heating, cooling and/or hot water will now also be covered under this tax credit. The maximum allowable credit will now be $5,000, which is an increase over the current cap of $3,750. The personal income tax credit covers 25 percent of the qualified expenditures for the purchase and installation of the solar energy systems equipment. This law is already in effect and applies to taxable years beginning January 1, 2006.
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