Bill Text: NY A00034 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to tax credits provided for solar energy system equipment; provides credit for the lease of solar energy equipment and the purchase of power generated by solar equipment.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2012-08-17 - signed chap.375 [A00034 Detail]

Download: New_York-2011-A00034-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         34--A
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced by M. of A. CAHILL -- read once and referred to the Committee
         on  Ways  and  Means  --  committee  discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       AN ACT to amend the tax law, in relation to  tax  credits  provided  for
         solar energy system equipment
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 2 of subsection (g-1) of section 606 of  the  tax
    2  law,  as amended by chapter 378 of the laws of 2005 and subparagraph (B)
    3  as amended by chapter 251 of the laws of 2006, is  amended  to  read  as
    4  follows:
    5    (2) Qualified solar energy system equipment expenditures. (A) The term
    6  "qualified  solar  energy  system equipment expenditures" means expendi-
    7  tures for:
    8    (I) the purchase of solar energy system equipment which  is  installed
    9  in  connection  with  residential property which is [(i)] (I) located in
   10  this state and [(ii)] (II) which is used by the taxpayer as his  or  her
   11  principal  residence  at  the  time the solar energy system equipment is
   12  placed in service;
   13    (II) THE LEASE OF SOLAR ENERGY SYSTEM EQUIPMENT UNDER A WRITTEN AGREE-
   14  MENT THAT SPANS AT LEAST TEN YEARS  WHERE  SUCH  EQUIPMENT  OWNED  BY  A
   15  PERSON  OTHER THAN THE TAXPAYER IS INSTALLED IN CONNECTION WITH RESIDEN-
   16  TIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS  USED
   17  BY  THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR
   18  ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; OR
   19    (III) THE PURCHASE OF POWER UNDER A WRITTEN AGREEMENT  THAT  SPANS  AT
   20  LEAST  TEN  YEARS  WHEREUNDER  THE POWER PURCHASED IS GENERATED BY SOLAR
   21  ENERGY SYSTEM EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER  WHICH
   22  IS  INSTALLED  IN  CONNECTION  WITH  RESIDENTIAL  PROPERTY  WHICH IS (I)
   23  LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS  HIS  OR
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00898-02-1
       A. 34--A                            2
    1  HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR ENERGY SYSTEM EQUIPMENT IS
    2  PLACED IN SERVICE.
    3    (B) Such qualified expenditures shall include expenditures for materi-
    4  als, labor costs properly allocable to on-site preparation, assembly and
    5  original  installation,  architectural  and  engineering  services,  and
    6  designs and plans directly related to the construction  or  installation
    7  of the solar energy system equipment.
    8    (C)  Such  qualified  expenditures  FOR  THE  PURCHASE OF SOLAR ENERGY
    9  SYSTEM EQUIPMENT shall not include interest or other finance charges.
   10    (D) SUCH QUALIFIED EXPENDITURES FOR THE LEASE OF SOLAR  ENERGY  SYSTEM
   11  EQUIPMENT  OR  THE  PURCHASE  OF  POWER  UNDER AN AGREEMENT DESCRIBED IN
   12  CLAUSES (II) OR (III)  OF  SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH  SHALL
   13  INCLUDE  AN AMOUNT EQUAL TO ALL PAYMENTS TO BE MADE UNDER SUCH AGREEMENT
   14  FOR THE INITIAL TERM OF  SUCH  AGREEMENT,  INCLUDING  ANY  AMOUNTS  PAID
   15  UPFRONT.
   16    (E)  THE  TERM  "PERSON", AS USED IN THIS SECTION, SHALL HAVE THE SAME
   17  MEANING AS PROVIDED IN INTERNAL REVENUE CODE S 7701 (C)(1).
   18    S 2. This act shall take effect immediately.