Bill Text: NY A04561 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A04561 Detail]

Download: New_York-2023-A04561-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4561

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 16, 2023
                                       ___________

        Introduced by M. of A. STIRPE -- read once and referred to the Committee
          on Ways and Means

        AN  ACT  to  amend  the  tax  law, in relation to establishing the green
          building credit

          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 (ooo) to read as follows:
     3    (ooo) Green building credit. (1) Allowance of credit. A taxpayer shall
     4  be allowed a credit against the tax imposed  by  this  article  provided
     5  that  such  taxpayer  constructs or rehabilitates qualifying residential
     6  real property in conformity with energy efficiency standards established
     7  by the National Association of Home Builders or the Leadership in Energy
     8  and Environmental Design rating system developed by  the  United  States
     9  green  building  council  and  fashions proof thereof in accordance with
    10  rules and regulations promulgated by the commissioner of the  department
    11  of environmental conservation in conjunction with the commissioner.
    12    (2)  Amount  of credit. The amount of the credit shall be equal to the
    13  allowable costs paid or incurred by the  taxpayer,  if  the  owner,  for
    14  either the construction or rehabilitation of qualifying residential real
    15  property  in  conformity with energy efficiency standards established by
    16  the National Association of Home Builders or the  Leadership  in  Energy
    17  and  Environmental  Design  rating system developed by the United States
    18  green building council; provided, however, that such  credit  shall  not
    19  exceed ten thousand dollars and shall not be awarded more than once in a
    20  period of ten years.
    21    (3)  For  the  purpose  of  this  subsection,  "allowable costs" means
    22  amounts properly chargeable to an account (other than for  land),  which
    23  are  paid  or  incurred  on or after January first, two thousand twenty-
    24  four, for:  construction or rehabilitation; commissioning costs;  inter-
    25  est  paid  or incurred during the construction or rehabilitation period;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03789-01-3
        A. 4561                             2

     1  legal, architectural, engineering and other professional fees  allocable
     2  to construction or rehabilitation; closing costs for construction, reha-
     3  bilitation  or  mortgage loans; recording taxes and filing fees incurred
     4  with  respect  to  construction  or  rehabilitation; site costs (such as
     5  temporary electric wiring, scaffolding, demolition  costs,  and  fencing
     6  and security facilities); and costs of furniture, carpeting, partitions,
     7  walls  and wall coverings, ceilings, drapes, blinds, lighting, plumbing,
     8  electrical wiring and ventilation; provided that such  costs  shall  not
     9  include  the  cost  of telephone systems and computers (other than elec-
    10  trical wiring costs) and shall not include the cost  of  fuel  cells  or
    11  photovoltaic  modules  (including  installation)  or the cost of new air
    12  conditioning equipment using an EPA-approved non-ozone depleting  refri-
    13  gerant or other EPA-approved refrigerant approved by the commissioner of
    14  environmental conservation (excluding installation).
    15    (4)  For  the purposes of this subsection "qualifying residential real
    16  property" shall mean the principal place of residence of  an  individual
    17  taxpayer  who  claims a credit pursuant to this subsection. In the event
    18  that such place of residence is  a  multiple  dwelling,  as  defined  by
    19  subdivision  seven  of section four of the multiple dwelling law, allow-
    20  able  costs  shall  only  constitute  those  costs   incurred   due   to
    21  construction or rehabilitation undertaken on the portion of the dwelling
    22  that constitutes an individual taxpayer's unit.
    23    (5)  If the amount of the credit allowed under this subsection for any
    24  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    25  may  be carried over to the following year or years for up to five years
    26  and may be deducted from the taxpayer's tax for such year or years.
    27    (6) The commissioner of the department of environmental  conservation,
    28  in  conjunction  with  the commissioner, shall promulgate such rules and
    29  regulations as may be necessary  for  the  distribution  of  the  credit
    30  established by this subsection.
    31    § 2. This act shall take effect immediately and shall apply to taxable
    32  years beginning on and after January 1, 2025.