Bill Text: NY A08381 | 2013-2014 | General Assembly | Introduced

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Bill Title: Exempts certain banking organizations which provide loans and/or refinancing for certain "green" purchases or home improvements; provides that any income realized by any banking organization, as defined in subdivision eleven of section two of the banking law, from loans and/or refinancing provided for certain energy efficiency improvements, renewable energy or distributed generation shall be exempt from certain franchise taxes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-09 - referred to ways and means [A08381 Detail]

Download: New_York-2013-A08381-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8381
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    January 9, 2013
                                      ___________
       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 exempting from franchise
         taxes certain banking organizations which provide loans  and/or  refi-
         nancing for certain "green" purchases or home improvements
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (a) of section 1512 of the tax law  is  amended
    2  by adding a new paragraph 11 to read as follows:
    3    (11)  ANY  INCOME  REALIZED BY ANY BANKING ORGANIZATION, AS DEFINED IN
    4  SUBDIVISION ELEVEN OF SECTION TWO OF THE BANKING LAW, FROM LOANS  AND/OR
    5  REFINANCING PROVIDED FOR CERTAIN ENERGY EFFICIENCY IMPROVEMENTS, RENEWA-
    6  BLE ENERGY OR DISTRIBUTED GENERATION.
    7    FOR THE PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS SHALL HAVE THE
    8  FOLLOWING MEANINGS:
    9    (I) "ENERGY EFFICIENCY IMPROVEMENTS" SHALL MEAN A MATERIAL IMPROVEMENT
   10  MADE  TO AN EXITING RESIDENTIAL OR BUSINESS PROPERTY THAT REDUCES ENERGY
   11  CONSUMPTION, INCLUDING BUT NOT LIMITED  TO  CAULKING,  WEATHERSTRIPPING,
   12  AIR  SEALING,  INSULATION,  HEATING  AND COOLING SYSTEMS UPGRADES, SOLAR
   13  THERMAL SYSTEMS AND CONSERVATION MEASURES, IN A COST-EFFECTIVE MANNER AS
   14  DETERMINED BY THE STATE, PROVIDED, HOWEVER,  THAT  SUCH  TERM  DOES  NOT
   15  INCLUDE  A  HOUSEHOLD APPLIANCE, SUCH AS A WASHING MACHINE OR REFRIGERA-
   16  TOR, THAT IS NOT PERMANENTLY FIXED TO REAL PROPERTY.
   17    (II) "RENEWABLE ENERGY SOURCE" SHALL MEAN SOLAR, WIND,  PHOTOVOLTAICS,
   18  TIDAL,  GEOTHERMAL,  FUEL CELL TECHNOLOGIES AND LOW-IMPACT, RUN-OF-RIVER
   19  HYDROELECTRIC GENERATING EQUIPMENT WITH CAPACITY UP TO THIRTY  MEGAWATTS
   20  WITH NO NEW STORAGE IMPOUNDMENT.
   21    (III)  "DISTRIBUTED  GENERATION"  SHALL  MEAN THE GENERATION OF ENERGY
   22  CLOSE TO THE POINT OF USE.
   23    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11182-01-3