Bill Text: NY A08189 | 2011-2012 | General Assembly | Amended

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Bill Title: Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSERDA to develop a list of qualified products and improvements and provides that such improvements shall not affect the assessed valuation of real property for tax purposes.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A08189 Detail]

Download: New_York-2011-A08189-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8189--A
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 6, 2011
                                      ___________
       Introduced by M. of A. LIFTON -- read once and referred to the Committee
         on  Ways  and  Means  --  committee  discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       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 (tt) to read as follows:
    3    (TT) 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 TO THE TAXPAYER'S PRINCIPAL RESIDENCE, IF SUCH RESIDENCE  IS  LOCATED
   11  WITHIN THIS STATE.
   12    (2) THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL
   13  ADOPT RULES AND REGULATIONS SETTING FORTH HOME IMPROVEMENTS WHICH QUALI-
   14  FY  FOR THE CREDIT UNDER THIS SUBSECTION. SUCH AUTHORITY SHALL DEVELOP A
   15  LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
   16  ITS WEBSITE.
   17    (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
   18  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   19  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
   20  ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX  HUNDRED
   21  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE
   22  PAID THEREON.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07933-05-1
       A. 8189--A                          2
    1    S  2.  The  real  property  tax law is amended by adding a new section
    2  582-b to read as follows:
    3    S 582-B. ENERGY EFFICIENT HOME IMPROVEMENTS. ENERGY EFFICIENT PRODUCTS
    4  AND  HOME IMPROVEMENTS WHICH QUALIFIED FOR A TAX CREDIT UNDER SUBSECTION
    5  (TT) OF SECTION SIX HUNDRED SIX OF THE TAX LAW SHALL  NOT  INCREASE  THE
    6  ASSESSED  VALUATION  FOR  PURPOSES OF REAL PROPERTY TAXATION OF ANY REAL
    7  PROPERTY TO WHICH SUCH IMPROVEMENTS ARE MADE OR PRODUCTS ARE AFFIXED.
    8    S 3. This act shall take effect on the first of January next  succeed-
    9  ing  the  date  on  which  it shall have become a law and shall apply to
   10  taxable years commencing on and after such date.