Bill Text: NY A06571 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A06571 Detail]

Download: New_York-2015-A06571-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6571
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 27, 2015
                                      ___________
       Introduced by M. of A. CRESPO -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to amend the tax law, in relation to providing a tax credit for
         the purchase of voltage regulation technology
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  210-B  of the tax law is amended by adding a new
    2  subdivision 49 to read as follows:
    3    49. CREDIT FOR THE PURCHASE OF VOLTAGE  REGULATION  TECHNOLOGY.    (A)
    4  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
    5  BE  COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY
    6  THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
    7  OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
    8  (B) OF THIS SUBDIVISION, UP TO A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
    9  PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR.
   10    (B)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
   11  RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
   12  SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
   13  CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL  BE
   14  REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
   15  AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
   16  PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
   17  LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
   18  ITS WEBSITE.
   19    (C)  APPLICATION OF CREDIT.  THE CREDIT ALLOWED UNDER THIS SUBDIVISION
   20  FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
   21  THAN  THE  HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF
   22  SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.
   23    S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
   24  of  the  tax  law  is  amended  by  adding a new clause (xli) to read as
   25  follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05614-01-5
       A. 6571                             2
    1  (XLI) CREDIT FOR THE PURCHASE OF     AMOUNT OF CREDIT UNDER
    2  VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-NINE OF
    3  SUBSECTION (CCC)                     SECTION TWO HUNDRED TEN-B
    4    S 3.  Section 606 of the tax law is amended by adding a new subsection
    5  (ccc) to read as follows:
    6    (CCC)  CREDIT  FOR THE PURCHASE OF VOLTAGE REGULATION TECHNOLOGY.  (1)
    7  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
    8  BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX  IMPOSED  BY
    9  THIS  ARTICLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT
   10  OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED  IN  PARAGRAPH
   11  TWO  OF  THIS  SUBSECTION,  UP  TO  A  ONE THOUSAND DOLLAR LIMIT FOR ALL
   12  PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR.
   13    (2) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
   14  RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
   15  SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
   16  CREDIT  UNDER  THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
   17  REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
   18  AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
   19  PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH  AUTHORITY  SHALL  DEVELOP  A
   20  LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
   21  ITS WEBSITE.
   22    (3) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
   23  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   24  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
   25  ED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C) OF
   26  SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER,  THAT
   27  NO INTEREST SHALL BE PAID THEREON.
   28    S  4. This act shall take effect on the first of January next succeed-
   29  ing the date on which it shall have become a  law  and  shall  apply  to
   30  taxable years commencing on and after such date.  Effective immediately,
   31  the  addition,  amendment and/or repeal of any rule or regulation neces-
   32  sary for the implementation of  this  act  on  its  effective  date  are
   33  authorized  to  be  made  and  completed  by  the New York state energy,
   34  research and development authority on or before such effective date.