Bill Text: NY A07203 | 2011-2012 | General Assembly | Introduced
Bill Title: Creates a tax credit for the purchase and installation of a sun tunnel in a principal residence.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A07203 Detail]
Download: New_York-2011-A07203-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7203 2011-2012 Regular Sessions I N A S S E M B L Y April 15, 2011 ___________ Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a credit for the purchase and installation of a sun tunnel in a principal residence 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 (g-3) to read as follows: 3 (G-3) CREDIT FOR SUN TUNNEL PURCHASE AND INSTALLATION. (1) GENERAL. A 4 TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGINNING ON OR 5 AFTER JANUARY FIRST, TWO THOUSAND ELEVEN AGAINST THE TAX IMPOSED BY THIS 6 ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SUN TUNNEL EQUAL TO OR 7 BELOW A U-FACTOR OF 0.30 AND SOLAR HEAT GAIN COEFFICIENT (SHGC) OF 0.30 8 BY A TAXPAYER IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS 9 LOCATED WITHIN THE STATE. THE AMOUNT OF THE CREDIT SHALL BE THIRTY 10 PERCENT OF THE EXPENDITURE INCURRED IN PURCHASING AND INSTALLING ANY 11 SUCH SUN TUNNEL, BUT NOT TO EXCEED THE MAXIMUM CREDIT OF ONE HUNDRED 12 FIFTY DOLLARS. 13 (2) QUALIFIED SUN TUNNEL EXPENDITURES. 14 (A) THE TERM "QUALIFIED SUN TUNNEL EXPENDITURES" MEANS EXPENDITURES 15 FOR THE PURCHASE OF A SUN TUNNEL, MATERIALS AND LABOR COSTS PROPERLY 16 ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL INSTALLATION, 17 ARCHITECTURAL AND ENGINEERING SERVICES, AND DESIGNS AND PLANS DIRECTLY 18 RELATED TO THE INSTALLATION OF A SUN TUNNEL. 19 (B) SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER 20 FINANCE CHARGES. 21 (3) MULTIPLE TAXPAYERS. WHERE A SUN TUNNEL IS PURCHASED AND INSTALLED 22 IN A PRINCIPAL RESIDENCE SHARED BY TWO OR MORE TAXPAYERS, THE AMOUNT OF 23 THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR EACH SUCH TAXPAYER SHALL BE 24 PRORATED ACCORDING TO THE PERCENTAGE OF THE TOTAL EXPENDITURE FOR SUCH 25 SUN TUNNEL CONTRIBUTED BY EACH TAXPAYER. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02031-01-1 A. 7203 2 1 (4) WHEN CREDIT ALLOWED. THE CREDIT PROVIDED FOR HEREIN SHALL BE 2 ALLOWED WITH RESPECT TO THE TAXABLE YEAR COMMENCING IN WHICH THE SUN 3 TUNNEL IS INSTALLED. 4 (5) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS 5 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR 6 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE 7 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR 8 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE 9 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 10 S 2. This act shall take effect on January 1, 2011; provided, however, 11 if this act shall become a law after such date it shall take effect 12 immediately and shall be deemed to have been in full force and effect on 13 and after January 1, 2011.