Bill Text: NY A03080 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the tax law and the real property tax law, in relation to providing a tax credit for the purchase of energy efficient home improvements

Spectrum: Partisan Bill (Republican 36-1)

Status: (Introduced - Dead) 2010-01-06 - referred to ways and means [A03080 Detail]

Download: New_York-2009-A03080-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3080
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 22, 2009
                                      ___________
       Introduced  by  M.  of  A. O'MARA, WALKER, KOLB, ERRIGO, CALHOUN, FINCH,
         TEDISCO -- Multi-Sponsored by -- M.  of  A.  ALFANO,  BACALLES,  BALL,
         BARCLAY, BARRA, BOYLE, BURLING, BUTLER, CONTE, CROUCH, DUPREY, FITZPA-
         TRICK,  GIGLIO,  HAWLEY, HAYES, P. LOPEZ, McDONOUGH, McKEVITT, MILLER,
         MOLINARO, OAKS, QUINN,  RABBITT,  RAIA,  REILICH,  SALADINO,  SAYWARD,
         SCOZZAFAVA,  SPANO,  THIELE, TOWNSEND -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax law and the real property tax law,  in  relation
         to  providing  a  tax credit for the purchase of energy efficient home
         improvements
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.    Section  606  of the tax law is amended by adding a new
    2  subsection (qq) to read as follows:
    3    (QQ) CREDIT FOR THE PURCHASE OF ENERGY  EFFICIENT  HOME  IMPROVEMENTS.
    4  (1)  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED-
    5  IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
    6  IMPOSED  BY  THIS  ARTICLE.  THE  AMOUNT OF THE CREDIT SHALL BE EQUAL TO
    7  TWENTY-FIVE PERCENT OF THE COST OF ENERGY EFFICIENT  HOME  IMPROVEMENTS,
    8  AS  PROVIDED  IN  PARAGRAPH TWO OF THIS SUBSECTION, UP TO A TWO THOUSAND
    9  FIVE HUNDRED DOLLAR LIMIT FOR ALL HOME IMPROVEMENTS MADE BY SUCH TAXPAY-
   10  ER.
   11    (2) THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL
   12  ADOPT RULES AND REGULATIONS SETTING FORTH HOME IMPROVEMENTS WHICH QUALI-
   13  FY FOR THE CREDIT UNDER THIS SUBSECTION. SUCH AUTHORITY SHALL DEVELOP  A
   14  LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
   15  ITS WEBSITE.
   16    (3) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
   17  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   18  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
   19  ED  OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04711-01-9
       A. 3080                             2
    1  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE
    2  PAID THEREON.
    3    S  2.  The  real  property  tax law is amended by adding a new section
    4  582-b to read as follows:
    5    S 582-B. ENERGY EFFICIENT HOME IMPROVEMENTS. ENERGY EFFICIENT PRODUCTS
    6  AND HOME IMPROVEMENTS WHICH HAVE BEEN DETERMINED BY THE NEW  YORK  STATE
    7  ENERGY  RESEARCH AND DEVELOPMENT AUTHORITY AS QUALIFIED FOR A TAX CREDIT
    8  UNDER SUBSECTION (QQ) OF SECTION SIX HUNDRED SIX OF THE  TAX  LAW  SHALL
    9  NOT  INCREASE THE ASSESSED VALUATION FOR PURPOSES OF REAL PROPERTY TAXA-
   10  TION OF ANY REAL  PROPERTY  TO  WHICH  SUCH  IMPROVEMENTS  ARE  MADE  OR
   11  PRODUCTS ARE AFFIXED.
   12    S  3. This act shall take effect on the first of January next succeed-
   13  ing the date on which it shall have become a  law  and  shall  apply  to
   14  taxable years commencing on and after such date.