Bill Text: NY A00287 | 2009-2010 | General Assembly | Introduced
Bill Title: Establishes an alternative energy systems and generating equipment tax credit for qualified expenditures meeting the criteria prescribed by the department of taxation and finance, in consultation with the department of environmental conservation and the New York state energy research and development authority, for taxpayers subject to tax under articles nine-A, twenty-two, thirty-two and thirty-three of the tax law whose business is not substantially engaged in the commercial generation, distribution, transmission or servicing of energy or energy products.
Spectrum: Strong Partisan Bill (Republican 10-1)
Status: (Introduced - Dead) 2011-01-05 - referred to ways and means [A00287 Detail]
Download: New_York-2009-A00287-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
287
2011-2012 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 5, 2011
___________
Introduced by M. of A. CROUCH, FINCH, MOLINARO, BARCLAY, McDONOUGH --
Multi-Sponsored by -- M. of A. HAWLEY, KOLB, McKEVITT, J. MILLER,
THIELE, TOBACCO -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the tax law, in relation to establishing a tax credit
for alternative energy systems and generating equipment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The tax law is amended by adding a new section 24-a to read
2 as follows:
3 S 24-A. CREDIT FOR ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIP-
4 MENT. (A) GENERAL. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A, TWEN-
5 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER, WHOSE BUSINESS IS
6 NOT SUBSTANTIALLY ENGAGED IN THE COMMERCIAL GENERATION, DISTRIBUTION,
7 TRANSMISSION OR SERVICING OF ENERGY OR ENERGY PRODUCTS, AND WHO EMPLOYS
8 ONE OR MORE FULL-TIME EMPLOYEES, EXCLUDING GENERAL EXECUTIVE OFFICERS
9 (IN THE CASE OF A CORPORATION), SHALL BE ALLOWED A CREDIT AGAINST SUCH
10 TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (E) OF THIS
11 SECTION. THE CREDIT SHALL BE ALLOWED FOR QUALIFIED EXPENDITURES WHICH
12 MEET THE ELIGIBILITY CRITERIA, IF ANY, PRESCRIBED BY THE DEPARTMENT, IN
13 CONSULTATION WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION AND THE
14 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, DISBURSED IN
15 NEW YORK STATE.
16 (B) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION: (1) THE TERM
17 "SOLAR AND WIND ENERGY SYSTEM EQUIPMENT" SHALL REFER TO A SYSTEM WHICH
18 SHALL MEET THE ELIGIBILITY REQUIREMENTS SET BY THE DEPARTMENT OF ENVI-
19 RONMENTAL CONSERVATION AND THE NEW YORK STATE ENERGY AND RESEARCH AND
20 DEVELOPMENT AUTHORITY WHICH SERVES AS:
21 (I) SOLAR ELECTRIC GENERATING EQUIPMENT WHICH SHALL MEAN AN ARRANGE-
22 MENT OR COMBINATION OF COMPONENTS UTILIZING SOLAR RADIATION TO PRODUCE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00109-01-1
A. 287 2
1 ENERGY DESIGNED TO PROVIDE HEATING, COOLING, HOT WATER OR ELECTRICITY.
2 SUCH ARRANGEMENT OR COMPONENTS SHALL NOT INCLUDE EQUIPMENT THAT IS PART
3 OF A NON-SOLAR ENERGY SYSTEM OR WHICH USES ANY SORT OF RECREATIONAL
4 FACILITY OR EQUIPMENT AS A STORAGE MEDIUM.
5 (II) A WIND ENERGY SYSTEM, WHICH SHALL MEAN AN ARRANGEMENT OR COMBINA-
6 TION OF COMPONENTS DESIGNED TO GENERATE AND PROVIDE ELECTRICITY OR
7 MECHANICAL ENERGY THROUGH THE PROCESS OF CONVERTING FORCE PROVIDED BY
8 WIND INTO MECHANICAL AND/OR ELECTRICAL ENERGY, AND STORING OR DISTRIBUT-
9 ING SUCH ENERGY.
10 (2) THE TERM "FUEL CELL ELECTRIC GENERATING EQUIPMENT" SHALL REFER TO
11 ON-SITE ELECTRICITY GENERATION SYSTEMS, LOCATED IN REAL PROPERTY LOCATED
12 IN NEW YORK STATE UTILIZING PROTON EXCHANGE MEMBRANE FUEL CELLS OR
13 MOLTEN CARBONATE FUEL CELL TECHNOLOGIES. "FUEL CELL" MEANS A DEVICE
14 THAT PRODUCES ELECTRICITY DIRECTLY FROM HYDROGEN OR HYDROCARBON FUEL
15 THROUGH A NON-COMBUSTIVE ELECTROCHEMICAL PROCESS.
16 (3) THE TERM "GEOTHERMAL RESOURCE TRANSFER SYSTEM" MEANS A SYSTEM
17 TRANSFERRING ENERGY THROUGH THE USE OF A RESOURCE IN NEW YORK STATE
18 INCLUDING:
19 (I) ALL PRODUCTS OF GEOTHERMAL PROCESSES EMBRACING INDIGENOUS STEAM,
20 HOT WATER, AND HOT BRINES;
21 (II) STEAM AND OTHER GASES, HOT WATER AND HOT BRINES RESULTING FROM
22 WATER, GAS, OR OTHER FLUIDS ARTIFICIALLY INTRODUCED INTO GEOTHERMAL
23 FORMATIONS;
24 (III) HEAT OR OTHER ASSOCIATED ENERGY FOUND IN GEOTHERMAL FORMATIONS;
25 AND
26 (IV) ANY BYPRODUCTS DERIVED FROM THEM, WHERE "BYPRODUCT" MEANS ANY
27 MINERAL OR MINERALS (EXCLUSIVE OF OIL, HYDROCARBON GAS, AND HELIUM)
28 WHICH ARE FOUND IN SOLUTION OR IN ASSOCIATION WITH OTHER GEOTHERMAL
29 RESOURCES AND WHICH HAVE A VALUE OF LESS THAN SEVENTY-FIVE PERCENT OF
30 THE VALUE OF THE GEOTHERMAL STEAM OR ARE NOT, BECAUSE OF QUANTITY, QUAL-
31 ITY, OR TECHNICAL DIFFICULTIES IN EXTRACTION AND PRODUCTION, OF SUFFI-
32 CIENT VALUE TO WARRANT EXTRACTION AND PRODUCTION BY THEMSELVES.
33 (4) THE TERM "CREDIT ALLOWANCE YEAR" MEANS THE FIRST TAXABLE YEAR WITH
34 RESPECT TO WHICH THE CREDIT MAY BE CLAIMED PURSUANT TO THE INITIAL CRED-
35 IT COMPONENT CERTIFICATE ISSUED PURSUANT TO SUBDIVISION (D) OF THIS
36 SECTION.
37 (5) THE TERM "TAXABLE YEAR" MEANS THE TAXABLE YEAR OF A BUSINESS
38 TAXPAYER FILING A NEW YORK STATE TAX RETURN UNDER ARTICLE NINE-A, TWEN-
39 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER. IF THE BUSINESS DOES
40 NOT HAVE A TAXABLE YEAR BECAUSE IT IS EXEMPT FROM TAXATION OR OTHERWISE
41 IS NOT REQUIRED TO FILE SUCH A RETURN UNDER ANY OF SUCH STATUTES, THE
42 TERM "TAXABLE YEAR" MEANS (I) THE BUSINESS'S FEDERAL TAXABLE YEAR, OR
43 (II) IF THE BUSINESS DOES NOT HAVE A FEDERAL TAXABLE YEAR, THE GIVEN
44 CALENDAR YEAR.
45 (6) "QUALIFIED EXPENDITURES" SHALL BE REMITTED COSTS FOR MATERIALS,
46 LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND
47 ORIGINAL INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND
48 DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
49 OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT, SOLAR ELECTRIC GENERATING
50 EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT AND/OR GEOTHERMAL
51 RESOURCE TRANSFER SYSTEM EQUIPMENT DIRECTLY RELATED TO THE CONSTRUCTION
52 OR INSTALLATION OF SUCH EQUIPMENT INTENDED FOR THE ORIGINAL USE OF SAID
53 TAXPAYER, AT, OR DIRECTLY RELATED TO, A PROPERTY IN NEW YORK STATE THAT
54 OPERATES AS THE SITUS OF A BUSINESS ENTITY OF SAID TAXPAYER. SUCH QUALI-
55 FIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES
56 WHETHER SUCH CHARGES ACCRUE AS A RESULT OF LEASE OR OWNERSHIP OF SUCH
A. 287 3
1 EQUIPMENT. FOR PURPOSES OF DETERMINING THE EXPENSES SERVING AS QUALI-
2 FIED EXPENDITURES UNDER THIS SECTION, ANY AMOUNT OF FEDERAL, STATE OR
3 LOCAL GRANT RECEIVED BY THE TAXPAYER USED FOR THE PURCHASE AND/OR
4 INSTALLATION OF SUCH EQUIPMENT AND WHICH IS NOT INCLUDED IN THE FEDERAL
5 GROSS INCOME OF THE TAXPAYER SHALL NOT SERVE AS A QUALIFYING EXPENDI-
6 TURE.
7 (C) ALLOWANCE OF CREDIT. (1) QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
8 GENERATING EQUIPMENT EXPENSES. QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
9 GENERATING EQUIPMENT EXPENSES ARE THOSE QUALIFIED EXPENDITURES GENERATED
10 FROM THE PURCHASE AND INSTALLATION OF ELIGIBLE EQUIPMENT AS ENUMERATED
11 IN SUBDIVISION (B) OF THIS SECTION.
12 (2) CREDIT FOR SOLAR AND WIND ENERGY SYSTEM EQUIPMENT. THE AMOUNT OF
13 CREDIT FOR THE PURCHASE AND INSTALLATION OF ELIGIBLE SOLAR AND WIND
14 ENERGY SYSTEM EQUIPMENT SHALL BE FIFTY PERCENT OF THE QUALIFIED EXPENSES
15 FOR TAXPAYERS UNDER ARTICLE NINE-A, THIRTY-TWO OR THIRTY-THREE, AND
16 FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE
17 TWENTY-TWO OF THIS CHAPTER, INCURRED IN PURCHASING AND INSTALLING ANY
18 SUCH SYSTEM OR COMBINATION THEREOF.
19 (3) CREDIT FOR FUEL CELL ELECTRIC GENERATING EQUIPMENT AND/OR GEOTHER-
20 MAL RESOURCE TRANSFER SYSTEM EQUIPMENT. THE AMOUNT OF CREDIT FOR THE
21 PURCHASE AND INSTALLATION OF ELIGIBLE FUEL CELL ELECTRIC GENERATING
22 EQUIPMENT AND/OR GEOTHERMAL RESOURCE TRANSFER SYSTEM EQUIPMENT SHALL BE
23 FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE
24 NINE, NINE-A, THIRTY-TWO OR THIRTY-THREE, AND FORTY PERCENT OF THE QUAL-
25 IFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE TWENTY-TWO OF THIS CHAPTER,
26 INCURRED IN PURCHASING AND INSTALLING ANY SUCH SYSTEM.
27 (4) MULTIPLE TAXPAYERS. WHERE QUALIFYING EXPENDITURES ARE ACCUMULATED
28 FROM THE CONSTRUCTION AND/OR THE INSTALLATION OF QUALIFYING ALTERNATIVE
29 SYSTEMS AND GENERATING EQUIPMENT ARE SHARED BY TWO OR MORE TAXPAYERS,
30 THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SECTION SHALL BE PRORATED
31 ACCORDING TO THE PERCENTAGE OF THE TOTAL EXPENDITURE FOR SUCH EQUIPMENT
32 CONTRIBUTED BY EACH TAXPAYER.
33 (D) CREDIT QUALIFICATION. (1) REALIZATION OF CREDIT. CREDITS EARNED
34 UNDER THIS SECTION SHALL BE QUALIFYING EXPENDITURES INCURRED AFTER JANU-
35 ARY FIRST, TWO THOUSAND TWELVE, THAT ACCREDIT TO THE TAXPAYER'S CREDIT
36 ALLOWANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR ACCORDING TO THE
37 PROVISIONS OF SUBDIVISION (C) OF THIS SECTION.
38 (2) CREDIT COMPONENT CERTIFICATE. A TAXPAYER WHO WISHES TO MAKE AN
39 INITIAL CLAIM FOR CREDITS UNDER THIS SECTION SHALL SUBMIT AN APPLICATION
40 FOR A CREDIT COMPONENT CERTIFICATE TO THE DIRECTOR OF THE NEW YORK STATE
41 ENERGY RESEARCH AND DEVELOPMENT AUTHORITY UPON THE SUCCESSFUL INSTALLA-
42 TION AND OPERATION FOR AT LEAST THREE CONTINUOUS MONTHS OF ELIGIBLE
43 EQUIPMENT THAT RATE AS QUALIFIED EXPENDITURES. THE PRESIDENT OF THE NEW
44 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, IN CONSULTATION
45 WITH THE COMMISSIONER AND THE COMMISSIONER OF ENVIRONMENTAL CONSERVA-
46 TION, SHALL PRESCRIBE THE REQUIREMENTS FOR THE ACCEPTANCE OF SUCH APPLI-
47 CATION, BUT AT A MINIMUM THE APPLICATION SHALL LIST THE AMOUNT OF QUALI-
48 FYING EXPENDITURES, THE RATING CAPACITY IN KILOWATT HOURS OF SUCH
49 EQUIPMENT, AND THE ANTICIPATED REDUCTION IN THE USE OF CONVENTIONAL
50 ENERGY GENERATION SOURCES REALIZED THROUGH THE USE OF SUCH EQUIPMENT.
51 SUCH APPLICATION SHALL REQUIRE A FEE OF FIFTY DOLLARS FOR EACH FIVE
52 MILLION DOLLARS OF GROSS RECEIPTS LISTED BY THE TAXPAYER FOR THE TAXABLE
53 YEAR IMMEDIATELY PRECEDING THE INITIAL CREDIT ALLOWANCE YEAR AFTER THE
54 FIRST FIVE MILLION DOLLARS IN GROSS RECEIPTS FOR SUCH TAXABLE YEAR. ANY
55 EXPANSION OF ALTERNATIVE RATED CAPACITY ADHERING TO INCREASED QUALIFYING
56 EXPENDITURES BEYOND SUCH EXPENDITURES UTILIZED IN A PRIOR ACCEPTED
A. 287 4
1 APPLICATION SHALL REQUIRE AN ADDITIONAL APPLICATION FOR FURTHER CREDIT
2 CLAIMS UNDER THIS SECTION.
3 (3) ISSUANCE OF CERTIFICATE. THE PRESIDENT OF THE NEW YORK STATE ENER-
4 GY RESEARCH AND DEVELOPMENT AUTHORITY SHALL REVIEW APPLICATIONS FILED
5 UNDER THIS SECTION TO VERIFY AN ELIGIBLE BUSINESS'S CLAIMED BENEFITS
6 UNDER THIS SECTION. THE PRESIDENT SHALL SUPPLY TO EACH COMPANY A CERTIF-
7 ICATE MARKING THE APPROVAL OF QUALIFYING EXPENSES FOR APPLICATION TO THE
8 COMMISSIONER FOR CREDITS UNDER THIS SECTION WITHIN NINETY DAYS OF THE
9 RECEIPT OF SUCH APPLICATION. A COPY OF THIS CERTIFICATE SHALL BE
10 ATTACHED TO ANY RETURNS SUCH TAXPAYER IS REQUIRED TO FILE UNDER THIS
11 CHAPTER. IF ANY EXPENSES USED AS PART OF THE CREDIT BASE OF QUALIFYING
12 EXPENDITURES ARE DENIED FOR SUCH CREDIT CLAIM BY THE PRESIDENT OF THE
13 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, SUCH DENIAL
14 SHALL BE REPORTED TO THE TAXPAYER AND THE COMMISSIONER WITH A DETAILED
15 EXPLANATION OF THE RATIONALE FOR SUCH DENIAL.
16 (4) REVOCATION OF BENEFITS. IN ADDITION TO ANY OTHER PENALTIES ENUMER-
17 ATED UNDER THIS CHAPTER, A VIOLATION OF THE TERMS OF THIS SUBDIVISION OR
18 ANY WILLFUL MISREPRESENTATION OF ANY OF THE TERMS OF THIS SECTION MAY
19 RESULT IN THE RESCINDING OF THE CERTIFICATE ISSUED UNDER THIS PARAGRAPH
20 AND A RECAPTURE OF CURRENT AND PREVIOUSLY RECEIVED BENEFITS. THE PRESI-
21 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
22 SHALL REPORT TO THE COMMISSIONER ANY DETERMINATIONS OF VIOLATIONS OF THE
23 TERMS OF THIS SECTION. THE COMMISSIONER AND THE COMMISSIONER OF ENVI-
24 RONMENTAL CONSERVATION SHALL MAKE RECOMMENDATIONS TO THE PRESIDENT OF
25 THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY FOR THE
26 RESCINDING OF ANY CERTIFICATE ISSUED PURSUANT TO THIS SECTION THAT THE
27 COMMISSIONER OF ENVIRONMENTAL CONSERVATION DETERMINES RESULTS FROM A
28 WILLFUL FALSE CLAIM OF THE CAPABILITIES OR AMOUNT OF QUALIFYING EXPENDI-
29 TURES OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT AND FUEL CELL ELECTRIC
30 GENERATING EQUIPMENT.
31 (5) EARLY DISPOSITION. THE DISCONTINUED USE OF ANY SOLAR AND WIND
32 ENERGY SYSTEM EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT OR
33 GEOTHERMAL RESOURCE TRANSFER SYSTEM EQUIPMENT WITHIN FIVE YEARS OF THE
34 CREDIT ALLOWANCE YEAR SHALL RESULT IN THE RECAPTURE OF CURRENT AND
35 PREVIOUSLY RECEIVED BENEFITS UNLESS SUCH DISPOSITION IS DUE TO THE INOP-
36 ERATIVENESS OF SUCH EQUIPMENT BEYOND ANY REASONABLE CONTROL OR EFFORTS
37 OF THE TAXPAYER OR THE REPLACEMENT OF SUCH EQUIPMENT BY MORE EFFICIENT
38 AND TECHNICALLY ADVANCED ALTERNATIVE ENERGY SYSTEMS APPROVED BY THE
39 COMMISSIONER OF ENVIRONMENTAL CONSERVATION AND THE PRESIDENT OF THE NEW
40 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY. SUCH EARLY DISPO-
41 SITION SHALL NOT INCLUDE THE TRANSFER OF OWNERSHIP INTEREST OF THE PROP-
42 ERTY SUCH EQUIPMENT OPERATES WITHIN UNLESS THE TRANSFER RESULTS IN THE
43 CESSATION OF THE OPERATION OF SUCH EQUIPMENT WITHIN FIVE YEARS OF THE
44 CREDIT ALLOWANCE YEAR. THE TAXPAYER SHALL ANNUALLY ATTEST TO THE PRESI-
45 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
46 THAT SUCH EQUIPMENT REMAINS IN QUALIFYING USE.
47 (E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
48 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
49 (1) ARTICLE 9-A: SECTION 210, SUBDIVISION 43
50 (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (SS)
51 (3) ARTICLE 32: SECTION 1456, SUBSECTION (X)
52 (4) ARTICLE 33: SECTION 1511, SUBDIVISION (AA).
53 S 2. Section 210 of the tax law is amended by adding a new subdivision
54 43 to read as follows:
55 43. ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. A
56 TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN
A. 287 5
1 SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
2 ARTICLE. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
3 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER
4 AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS
5 SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVI-
6 SION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF
7 CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER
8 TO ANY OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED
9 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
10 S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
11 of the tax law is amended by adding a new clause (xxxii) to read as
12 follows:
13 (XXXII) CREDIT FOR ALTERNATIVE QUALIFYING EXPENDITURES
14 ENERGY SYSTEMS AND UNDER SUBDIVISION FORTY-THREE
15 GENERATING EQUIPMENT OF SECTION TWO HUNDRED
16 UNDER SUBSECTION (SS) TEN
17 S 4. Section 606 of the tax law is amended by adding a new subsection
18 (ss) to read as follows:
19 (SS) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
20 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
21 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
22 THE TAX IMPOSED BY THIS ARTICLE.
23 (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
24 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
25 SUCH YEAR, SUCH EXCESS AMOUNT MAY BE CARRIED OVER TO ANY OR ALL OF THE
26 FOLLOWING FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR WITH
27 RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
28 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
29 S 5. Section 1456 of the tax law is amended by adding a new subsection
30 (x) to read as follows:
31 (X) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
32 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
33 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
34 THE TAX IMPOSED BY THIS ARTICLE.
35 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBSECTION
36 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
37 THAN THE MINIMUM TAX FIXED BY PARAGRAPH THREE OF SUBSECTION (B) OF
38 SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE. HOWEVER, IF THE
39 AMOUNT OF CREDITS ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
40 REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE
41 IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY OR ALL OF THE
42 FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX
43 FOR SUCH YEAR OR YEARS.
44 S 6. Section 1511 of the tax law is amended by adding a new subdivi-
45 sion (aa) to read as follows:
46 (AA) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
47 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
48 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
49 THE TAXES IMPOSED BY THIS ARTICLE.
50 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
51 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
52 THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDIVISION (A) OF SECTION
53 FIFTEEN HUNDRED TWO OR SECTION FIFTEEN HUNDRED TWO-A OF THIS ARTICLE.
54 HOWEVER, IF THE AMOUNT OF CREDITS ALLOWED UNDER THIS SUBDIVISION FOR ANY
55 TAXABLE YEAR REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS
A. 287 6
1 NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY
2 OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE
3 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
4 S 7. This act shall take effect immediately and shall apply to taxa-
5 ble years commencing on and after January 1, 2011.
