Bill Text: NY S00697 | 2009-2010 | General Assembly | Introduced
Bill Title: Establishes an alternative energy systems and generating equipment tax credit for qualified expenditures meeting the criteria prescribed by the department of taxation and finance, in consultation with the department of environmental conservation and the New York state energy research and development authority, for taxpayers subject to tax under articles nine-a, twenty-two, thirty-two and thirty-three of the tax law whose business is not substantially engaged in the commercial generation, distribution, transmission or servicing of energy or energy products.
Spectrum: Partisan Bill (Republican 9-0)
Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00697 Detail]
Download: New_York-2009-S00697-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
697
2009-2010 Regular Sessions
I N S E N A T E
January 13, 2009
___________
Introduced by Sen. FUSCHILLO -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to establishing a tax credit
for alternative energy systems and generating equipment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The tax law is amended by adding a new section 24-a to read
2 as follows:
3 S 24-A. CREDIT FOR ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIP-
4 MENT. (A) GENERAL. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A, TWEN-
5 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER, WHOSE BUSINESS IS
6 NOT SUBSTANTIALLY ENGAGED IN THE COMMERCIAL GENERATION, DISTRIBUTION,
7 TRANSMISSION OR SERVICING OF ENERGY OR ENERGY PRODUCTS, AND WHO EMPLOYS
8 ONE OR MORE FULL-TIME EMPLOYEES, EXCLUDING GENERAL EXECUTIVE OFFICERS
9 (IN THE CASE OF A CORPORATION), SHALL BE ALLOWED A CREDIT AGAINST SUCH
10 TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (E) OF THIS
11 SECTION. THE CREDIT SHALL BE ALLOWED FOR QUALIFIED EXPENDITURES WHICH
12 MEET THE ELIGIBILITY CRITERIA, IF ANY, PRESCRIBED BY THE DEPARTMENT, IN
13 CONSULTATION WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION AND THE
14 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, DISBURSED IN
15 NEW YORK STATE.
16 (B) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION: (1) THE TERM
17 "SOLAR AND WIND ENERGY SYSTEM EQUIPMENT" SHALL REFER TO A SYSTEM WHICH
18 SHALL MEET THE ELIGIBILITY REQUIREMENTS SET BY THE DEPARTMENT OF ENVI-
19 RONMENTAL CONSERVATION AND THE NEW YORK STATE ENERGY AND RESEARCH AND
20 DEVELOPMENT AUTHORITY WHICH SERVES AS:
21 (I) SOLAR ELECTRIC GENERATING EQUIPMENT WHICH SHALL MEAN AN ARRANGE-
22 MENT OR COMBINATION OF COMPONENTS UTILIZING SOLAR RADIATION TO PRODUCE
23 ENERGY DESIGNED TO PROVIDE HEATING, COOLING, HOT WATER OR ELECTRICITY.
24 SUCH ARRANGEMENT OR COMPONENTS SHALL NOT INCLUDE EQUIPMENT THAT IS PART
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03299-02-9
S. 697 2
1 OF A NON-SOLAR ENERGY SYSTEM OR WHICH USES ANY SORT OF RECREATIONAL
2 FACILITY OR EQUIPMENT AS A STORAGE MEDIUM.
3 (II) A WIND ENERGY SYSTEM, WHICH SHALL MEAN AN ARRANGEMENT OR COMBINA-
4 TION OF COMPONENTS DESIGNED TO GENERATE AND PROVIDE ELECTRICITY OR
5 MECHANICAL ENERGY THROUGH THE PROCESS OF CONVERTING FORCE PROVIDED BY
6 WIND INTO MECHANICAL AND/OR ELECTRICAL ENERGY, AND STORING OR DISTRIBUT-
7 ING SUCH ENERGY.
8 (2) THE TERM "FUEL CELL ELECTRIC GENERATING EQUIPMENT" SHALL REFER TO
9 ON-SITE ELECTRICITY GENERATION SYSTEMS, LOCATED IN REAL PROPERTY LOCATED
10 IN NEW YORK STATE UTILIZING PROTON EXCHANGE MEMBRANE FUEL CELLS OR
11 MOLTEN CARBONATE FUEL CELL TECHNOLOGIES. "FUEL CELL" MEANS A DEVICE
12 THAT PRODUCES ELECTRICITY DIRECTLY FROM HYDROGEN OR HYDROCARBON FUEL
13 THROUGH A NON-COMBUSTIVE ELECTROCHEMICAL PROCESS.
14 (3) THE TERM "GEOTHERMAL RESOURCE TRANSFER SYSTEM" MEANS A SYSTEM
15 TRANSFERRING ENERGY THROUGH THE USE OF A RESOURCE IN NEW YORK STATE
16 INCLUDING:
17 (I) ALL PRODUCTS OF GEOTHERMAL PROCESSES EMBRACING INDIGENOUS STEAM,
18 HOT WATER, AND HOT BRINES;
19 (II) STEAM AND OTHER GASES, HOT WATER AND HOT BRINES RESULTING FROM
20 WATER, GAS, OR OTHER FLUIDS ARTIFICIALLY INTRODUCED INTO GEOTHERMAL
21 FORMATIONS;
22 (III) HEAT OR OTHER ASSOCIATED ENERGY FOUND IN GEOTHERMAL FORMATIONS;
23 AND
24 (IV) ANY BYPRODUCTS DERIVED FROM THEM, WHERE "BYPRODUCT" MEANS ANY
25 MINERAL OR MINERALS (EXCLUSIVE OF OIL, HYDROCARBON GAS, AND HELIUM)
26 WHICH ARE FOUND IN SOLUTION OR IN ASSOCIATION WITH OTHER GEOTHERMAL
27 RESOURCES AND WHICH HAVE A VALUE OF LESS THAN SEVENTY-FIVE PERCENT OF
28 THE VALUE OF THE GEOTHERMAL STEAM OR ARE NOT, BECAUSE OF QUANTITY, QUAL-
29 ITY, OR TECHNICAL DIFFICULTIES IN EXTRACTION AND PRODUCTION, OF SUFFI-
30 CIENT VALUE TO WARRANT EXTRACTION AND PRODUCTION BY THEMSELVES.
31 (4) THE TERM "CREDIT ALLOWANCE YEAR" MEANS THE FIRST TAXABLE YEAR WITH
32 RESPECT TO WHICH THE CREDIT MAY BE CLAIMED PURSUANT TO THE INITIAL CRED-
33 IT COMPONENT CERTIFICATE ISSUED PURSUANT TO SUBDIVISION (D) OF THIS
34 SECTION.
35 (5) THE TERM "TAXABLE YEAR" MEANS THE TAXABLE YEAR OF A BUSINESS
36 TAXPAYER FILING A NEW YORK STATE TAX RETURN UNDER ARTICLE NINE-A, TWEN-
37 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER. IF THE BUSINESS DOES
38 NOT HAVE A TAXABLE YEAR BECAUSE IT IS EXEMPT FROM TAXATION OR OTHERWISE
39 IS NOT REQUIRED TO FILE SUCH A RETURN UNDER ANY OF SUCH STATUTES, THE
40 TERM "TAXABLE YEAR" MEANS (I) THE BUSINESS'S FEDERAL TAXABLE YEAR, OR
41 (II) IF THE BUSINESS DOES NOT HAVE A FEDERAL TAXABLE YEAR, THE GIVEN
42 CALENDAR YEAR.
43 (6) "QUALIFIED EXPENDITURES" SHALL BE REMITTED COSTS FOR MATERIALS,
44 LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND
45 ORIGINAL INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND
46 DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
47 OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT, SOLAR ELECTRIC GENERATING
48 EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT AND/OR GEOTHERMAL
49 RESOURCE TRANSFER SYSTEM EQUIPMENT DIRECTLY RELATED TO THE CONSTRUCTION
50 OR INSTALLATION OF SUCH EQUIPMENT INTENDED FOR THE ORIGINAL USE OF SAID
51 TAXPAYER, AT, OR DIRECTLY RELATED TO, A PROPERTY IN NEW YORK STATE THAT
52 OPERATES AS THE SITUS OF A BUSINESS ENTITY OF SAID TAXPAYER. SUCH QUALI-
53 FIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES
54 WHETHER SUCH CHARGES ACCRUE AS A RESULT OF LEASE OR OWNERSHIP OF SUCH
55 EQUIPMENT. FOR PURPOSES OF DETERMINING THE EXPENSES SERVING AS QUALI-
56 FIED EXPENDITURES UNDER THIS SECTION, ANY AMOUNT OF FEDERAL, STATE OR
S. 697 3
1 LOCAL GRANT RECEIVED BY THE TAXPAYER USED FOR THE PURCHASE AND/OR
2 INSTALLATION OF SUCH EQUIPMENT AND WHICH IS NOT INCLUDED IN THE FEDERAL
3 GROSS INCOME OF THE TAXPAYER SHALL NOT SERVE AS A QUALIFYING EXPENDI-
4 TURE.
5 (C) ALLOWANCE OF CREDIT. (1) QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
6 GENERATING EQUIPMENT EXPENSES. QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
7 GENERATING EQUIPMENT EXPENSES ARE THOSE QUALIFIED EXPENDITURES GENERATED
8 FROM THE PURCHASE AND INSTALLATION OF ELIGIBLE EQUIPMENT AS ENUMERATED
9 IN SUBDIVISION (B) OF THIS SECTION.
10 (2) CREDIT FOR SOLAR AND WIND ENERGY SYSTEM EQUIPMENT. THE AMOUNT OF
11 CREDIT FOR THE PURCHASE AND INSTALLATION OF ELIGIBLE SOLAR AND WIND
12 ENERGY SYSTEM EQUIPMENT SHALL BE FIFTY PERCENT OF THE QUALIFIED EXPENSES
13 FOR TAXPAYERS UNDER ARTICLE NINE-A, THIRTY-TWO OR THIRTY-THREE, AND
14 FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE
15 TWENTY-TWO OF THIS CHAPTER, INCURRED IN PURCHASING AND INSTALLING ANY
16 SUCH SYSTEM OR COMBINATION THEREOF.
17 (3) CREDIT FOR FUEL CELL ELECTRIC GENERATING EQUIPMENT AND/OR GEOTHER-
18 MAL RESOURCE TRANSFER SYSTEM EQUIPMENT. THE AMOUNT OF CREDIT FOR THE
19 PURCHASE AND INSTALLATION OF ELIGIBLE FUEL CELL ELECTRIC GENERATING
20 EQUIPMENT AND/OR GEOTHERMAL RESOURCE TRANSFER SYSTEM EQUIPMENT SHALL BE
21 FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE
22 NINE, NINE-A, THIRTY-TWO OR THIRTY-THREE, AND FORTY PERCENT OF THE QUAL-
23 IFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE TWENTY-TWO OF THIS CHAPTER,
24 INCURRED IN PURCHASING AND INSTALLING ANY SUCH SYSTEM.
25 (4) MULTIPLE TAXPAYERS. WHERE QUALIFYING EXPENDITURES ARE ACCUMULATED
26 FROM THE CONSTRUCTION AND/OR THE INSTALLATION OF QUALIFYING ALTERNATIVE
27 SYSTEMS AND GENERATING EQUIPMENT ARE SHARED BY TWO OR MORE TAXPAYERS,
28 THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SECTION SHALL BE PRORATED
29 ACCORDING TO THE PERCENTAGE OF THE TOTAL EXPENDITURE FOR SUCH EQUIPMENT
30 CONTRIBUTED BY EACH TAXPAYER.
31 (D) CREDIT QUALIFICATION. (1) REALIZATION OF CREDIT. CREDITS EARNED
32 UNDER THIS SECTION SHALL BE QUALIFYING EXPENDITURES INCURRED AFTER JANU-
33 ARY FIRST, TWO THOUSAND TEN, THAT ACCREDIT TO THE TAXPAYER'S CREDIT
34 ALLOWANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR ACCORDING TO THE
35 PROVISIONS OF SUBDIVISION (C) OF THIS SECTION.
36 (2) CREDIT COMPONENT CERTIFICATE. A TAXPAYER WHO WISHES TO MAKE AN
37 INITIAL CLAIM FOR CREDITS UNDER THIS SECTION SHALL SUBMIT AN APPLICATION
38 FOR A CREDIT COMPONENT CERTIFICATE TO THE DIRECTOR OF THE NEW YORK STATE
39 ENERGY RESEARCH AND DEVELOPMENT AUTHORITY UPON THE SUCCESSFUL INSTALLA-
40 TION AND OPERATION FOR AT LEAST THREE CONTINUOUS MONTHS OF ELIGIBLE
41 EQUIPMENT THAT RATE AS QUALIFIED EXPENDITURES. THE PRESIDENT OF THE NEW
42 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, IN CONSULTATION
43 WITH THE COMMISSIONER AND THE COMMISSIONER OF ENVIRONMENTAL CONSERVA-
44 TION, SHALL PRESCRIBE THE REQUIREMENTS FOR THE ACCEPTANCE OF SUCH APPLI-
45 CATION, BUT AT A MINIMUM THE APPLICATION SHALL LIST THE AMOUNT OF QUALI-
46 FYING EXPENDITURES, THE RATING CAPACITY IN KILOWATT HOURS OF SUCH
47 EQUIPMENT, AND THE ANTICIPATED REDUCTION IN THE USE OF CONVENTIONAL
48 ENERGY GENERATION SOURCES REALIZED THROUGH THE USE OF SUCH EQUIPMENT.
49 SUCH APPLICATION SHALL REQUIRE A FEE OF FIFTY DOLLARS FOR EACH FIVE
50 MILLION DOLLARS OF GROSS RECEIPTS LISTED BY THE TAXPAYER FOR THE TAXABLE
51 YEAR IMMEDIATELY PRECEDING THE INITIAL CREDIT ALLOWANCE YEAR AFTER THE
52 FIRST FIVE MILLION DOLLARS IN GROSS RECEIPTS FOR SUCH TAXABLE YEAR. ANY
53 EXPANSION OF ALTERNATIVE RATED CAPACITY ADHERING TO INCREASED QUALIFYING
54 EXPENDITURES BEYOND SUCH EXPENDITURES UTILIZED IN A PRIOR ACCEPTED
55 APPLICATION SHALL REQUIRE AN ADDITIONAL APPLICATION FOR FURTHER CREDIT
56 CLAIMS UNDER THIS SECTION.
S. 697 4
1 (3) ISSUANCE OF CERTIFICATE. THE PRESIDENT OF THE NEW YORK STATE ENER-
2 GY RESEARCH AND DEVELOPMENT AUTHORITY SHALL REVIEW APPLICATIONS FILED
3 UNDER THIS SECTION TO VERIFY AN ELIGIBLE BUSINESS'S CLAIMED BENEFITS
4 UNDER THIS SECTION. THE PRESIDENT SHALL SUPPLY TO EACH COMPANY A CERTIF-
5 ICATE MARKING THE APPROVAL OF QUALIFYING EXPENSES FOR APPLICATION TO THE
6 COMMISSIONER FOR CREDITS UNDER THIS SECTION WITHIN NINETY DAYS OF THE
7 RECEIPT OF SUCH APPLICATION. A COPY OF THIS CERTIFICATE SHALL BE
8 ATTACHED TO ANY RETURNS SUCH TAXPAYER IS REQUIRED TO FILE UNDER THIS
9 CHAPTER. IF ANY EXPENSES USED AS PART OF THE CREDIT BASE OF QUALIFYING
10 EXPENDITURES ARE DENIED FOR SUCH CREDIT CLAIM BY THE PRESIDENT OF THE
11 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, SUCH DENIAL
12 SHALL BE REPORTED TO THE TAXPAYER AND THE COMMISSIONER WITH A DETAILED
13 EXPLANATION OF THE RATIONALE FOR SUCH DENIAL.
14 (4) REVOCATION OF BENEFITS. IN ADDITION TO ANY OTHER PENALTIES ENUMER-
15 ATED UNDER THIS CHAPTER, A VIOLATION OF THE TERMS OF THIS SUBDIVISION OR
16 ANY WILLFUL MISREPRESENTATION OF ANY OF THE TERMS OF THIS SECTION MAY
17 RESULT IN THE RESCINDING OF THE CERTIFICATE ISSUED UNDER THIS PARAGRAPH
18 AND A RECAPTURE OF CURRENT AND PREVIOUSLY RECEIVED BENEFITS. THE PRESI-
19 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
20 SHALL REPORT TO THE COMMISSIONER ANY DETERMINATIONS OF VIOLATIONS OF THE
21 TERMS OF THIS SECTION. THE COMMISSIONER AND THE COMMISSIONER OF ENVI-
22 RONMENTAL CONSERVATION SHALL MAKE RECOMMENDATIONS TO THE PRESIDENT OF
23 THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY FOR THE
24 RESCINDING OF ANY CERTIFICATE ISSUED PURSUANT TO THIS SECTION THAT THE
25 COMMISSIONER OF ENVIRONMENTAL CONSERVATION DETERMINES RESULTS FROM A
26 WILLFUL FALSE CLAIM OF THE CAPABILITIES OR AMOUNT OF QUALIFYING EXPENDI-
27 TURES OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT AND FUEL CELL ELECTRIC
28 GENERATING EQUIPMENT.
29 (5) EARLY DISPOSITION. THE DISCONTINUED USE OF ANY SOLAR AND WIND
30 ENERGY SYSTEM EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT OR
31 GEOTHERMAL RESOURCE TRANSFER SYSTEM EQUIPMENT WITHIN FIVE YEARS OF THE
32 CREDIT ALLOWANCE YEAR SHALL RESULT IN THE RECAPTURE OF CURRENT AND
33 PREVIOUSLY RECEIVED BENEFITS UNLESS SUCH DISPOSITION IS DUE TO THE INOP-
34 ERATIVENESS OF SUCH EQUIPMENT BEYOND ANY REASONABLE CONTROL OR EFFORTS
35 OF THE TAXPAYER OR THE REPLACEMENT OF SUCH EQUIPMENT BY MORE EFFICIENT
36 AND TECHNICALLY ADVANCED ALTERNATIVE ENERGY SYSTEMS APPROVED BY THE
37 COMMISSIONER OF ENVIRONMENTAL CONSERVATION AND THE PRESIDENT OF THE NEW
38 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY. SUCH EARLY DISPO-
39 SITION SHALL NOT INCLUDE THE TRANSFER OF OWNERSHIP INTEREST OF THE PROP-
40 ERTY SUCH EQUIPMENT OPERATES WITHIN UNLESS THE TRANSFER RESULTS IN THE
41 CESSATION OF THE OPERATION OF SUCH EQUIPMENT WITHIN FIVE YEARS OF THE
42 CREDIT ALLOWANCE YEAR. THE TAXPAYER SHALL ANNUALLY ATTEST TO THE PRESI-
43 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
44 THAT SUCH EQUIPMENT REMAINS IN QUALIFYING USE.
45 (E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
46 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
47 (1) ARTICLE 9-A: SECTION 210, SUBDIVISION 41
48 (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (QQ)
49 (3) ARTICLE 32: SECTION 1456, SUBSECTION (U)
50 (4) ARTICLE 33: SECTION 1511, SUBDIVISION (Y).
51 S 2. Section 210 of the tax law is amended by adding a new subdivision
52 41 to read as follows:
53 41. ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. A
54 TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN
55 SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
56 ARTICLE. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
S. 697 5
1 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER
2 AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS
3 SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVI-
4 SION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF
5 CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER
6 TO ANY OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED
7 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
8 S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
9 of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
10 the laws of 2008, is amended to read as follows:
11 (B) shall be treated as the owner of a new business with respect to
12 such share if the corporation qualifies as a new business pursuant to
13 paragraph (j) of subdivision twelve of section two hundred ten of this
14 chapter.
15 The corporation's
16 With respect to the credit base under
17 following credit section two hundred ten
18 under this section: or section fourteen
19 hundred fifty-six of this
20 chapter is:
21 Investment tax credit Investment credit base
22 under subsection (a) or qualified
23 rehabilitation
24 expenditures under
25 subdivision twelve of
26 section two hundred ten
27 Empire zone Cost or other basis
28 investment tax credit under subdivision
29 under subsection (j) twelve-B
30 of section two hundred
31 ten
32 Empire zone Eligible wages under
33 wage tax credit subdivision nineteen of
34 under subsection (k) section two hundred ten
35 or subsection (e) of
36 section fourteen hundred
37 fifty-six
38 Empire zone Qualified investments
39 capital tax credit and contributions under
40 under subsection (l) subdivision twenty of
41 section two hundred ten
42 or subsection (d) of
43 section fourteen hundred
44 fifty-six
45 Agricultural property tax Allowable school
46 credit under subsection (n) district property taxes under
47 subdivision twenty-two of
48 section two hundred ten
S. 697 6
1 Credit for employment Qualified first-year wages or
2 of persons with dis- qualified second-year wages
3 abilities under under subdivision
4 subsection (o) twenty-three of section
5 two hundred ten
6 or subsection (f)
7 of section fourteen
8 hundred fifty-six
9 Employment incentive Applicable investment credit
10 credit under subsec- base under subdivision
11 tion (a-1) twelve-D of section two
12 hundred ten
13 Empire zone Applicable investment
14 employment credit under sub-
15 incentive credit under division twelve-C
16 subsection (j-1) of section two hundred ten
17 Alternative fuels credit Cost under subdivision
18 under subsection (p) twenty-four of section two
19 hundred ten
20 Qualified emerging Applicable credit base
21 technology company under subdivision twelve-E
22 employment credit of section two hundred ten
23 under subsection (q)
24 Qualified emerging Qualified investments under
25 technology company subdivision twelve-F of
26 capital tax credit section two hundred ten
27 under subsection (r)
28 Credit for purchase of an Cost of an automated
29 automated external defibrillator external defibrillator under
30 under subsection (s) subdivision twenty-five of
31 section two hundred ten
32 or subsection (j) of section
33 fourteen hundred fifty-six
34 Low-income housing Credit amount under
35 credit under subsection (x) subdivision thirty
36 of section two hundred ten or
37 subsection (l) of section
38 fourteen hundred fifty-six
39 Credit for transportation Amount of credit under sub-
40 improvement contributions division thirty-two of section
41 under subsection (z) two hundred ten or subsection
42 (n) of section fourteen
43 hundred fifty-six
44 QEZE credit for real property Amount of credit under
45 taxes under subsection (bb) subdivision twenty-seven of
46 section two hundred ten or
47 subsection (o) of section
S. 697 7
1 fourteen hundred fifty-six
2 QEZE tax reduction credit Amount of benefit period
3 under subsection (cc) factor, employment increase facto
4 and zone allocation
5 factor (without regard
6 to pro ration) under
7 subdivision twenty-eight of
8 section two hundred ten or
9 subsection (p) of section
10 fourteen hundred fifty-six
11 and amount of tax factor
12 as determined under
13 subdivision (f) of section sixtee
14 Green building credit Amount of green building credit
15 under subsection (y) under subdivision thirty-one
16 of section two hundred ten
17 or subsection (m) of section
18 fourteen hundred fifty-six
19 Credit for long-term Qualified costs under
20 care insurance premiums subdivision twenty-five-a of
21 under subsection (aa) section two hundred ten
22 or subsection (k) of section
23 fourteen hundred fifty-six
24 Brownfield redevelopment Amount of credit
25 credit under subsection under subdivision
26 (dd) thirty-three of section
27 two hundred ten
28 or subsection (q) of
29 section fourteen hundred
30 fifty-six
31 Remediated brownfield Amount of credit under
32 credit for real property subdivision thirty-four
33 taxes for qualified of section two hundred
34 sites under subsection ten or subsection (r) of
35 (ee) section fourteen hundred
36 fifty-six
37 Environmental Amount of credit under
38 remediation subdivision thirty-five of
39 insurance credit under section two hundred
40 subsection (ff) ten or subsection
41 (s) of section
42 fourteen hundred
43 fifty-six
44 Empire state film production Amount of credit for qualified
45 credit under subsection (gg) production costs in production
46 of a qualified film under
47 subdivision thirty-six of
48 section two hundred ten
S. 697 8
1 Qualified emerging Qualifying expenditures and
2 technology company facilities, development activities under
3 operations and training credit subdivision twelve-G of section
4 under subsection (nn) two hundred ten
5 Security training tax Amount of credit
6 credit under under subdivision thirty-seven
7 subsection (ii) of section two hundred ten or
8 under subsection (t) of
9 section fourteen hundred fifty-si
10 Credit for qualified fuel Amount of credit under
11 cell electric generating equipment subdivision thirty-seven
12 expenditures under subsection (g-2) of section two hundred ten
13 or subsection (t) of
14 section fourteen hundred
15 fifty-six
16 Empire state commercial production Amount of credit for qualified
17 credit under subsection (jj) production costs in production
18 of a qualified commercial under
19 subdivision thirty-eight of sec-
20 tion two hundred ten
21 Biofuel production Amount of credit
22 tax credit under under subdivision
23 subsection (jj) thirty-eight of
24 section two hundred ten
25 Clean heating fuel credit Amount of credit under
26 under subsection (mm) subdivision thirty-nine of
27 section two hundred ten
28 Credit for rehabilitation Amount of credit under
29 of historic properties subdivision forty of
30 under subsection (oo) [subsection] SECTION
31 two hundred ten
32 Credit for companies who Amount of credit under
33 provide transportation subdivision forty of
34 to individuals with section two hundred ten
35 disabilities
36 under subsection (oo)
37 CREDIT FOR ALTERNATIVE QUALIFYING EXPENDITURES
38 ENERGY SYSTEMS AND UNDER SUBDIVISION FORTY-ONE
39 GENERATING EQUIPMENT OF SECTION TWO HUNDRED
40 UNDER SUBSECTION (QQ) TEN
41 S 4. Section 606 of the tax law is amended by adding a new subsection
42 (qq) to read as follows:
43 (QQ) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
44 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
45 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
46 THE TAX IMPOSED BY THIS ARTICLE.
47 (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
48 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
S. 697 9
1 SUCH YEAR, SUCH EXCESS AMOUNT MAY BE CARRIED OVER TO ANY OR ALL OF THE
2 FOLLOWING FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR WITH
3 RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
4 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
5 S 5. Section 1456 of the tax law is amended by adding a new subsection
6 (u) to read as follows:
7 (U) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
8 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
9 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
10 THE TAX IMPOSED BY THIS ARTICLE.
11 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBSECTION
12 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
13 THAN THE MINIMUM TAX FIXED BY PARAGRAPH THREE OF SUBSECTION (B) OF
14 SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE. HOWEVER, IF THE
15 AMOUNT OF CREDITS ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
16 REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE
17 IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY OR ALL OF THE
18 FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX
19 FOR SUCH YEAR OR YEARS.
20 S 6. Section 1511 of the tax law is amended by adding a new subdivi-
21 sion (y) to read as follows:
22 (Y) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
23 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
24 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
25 THE TAXES IMPOSED BY THIS ARTICLE.
26 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
27 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
28 THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDIVISION (A) OF SECTION
29 FIFTEEN HUNDRED TWO OR SECTION FIFTEEN HUNDRED TWO-A OF THIS ARTICLE.
30 HOWEVER, IF THE AMOUNT OF CREDITS ALLOWED UNDER THIS SUBDIVISION FOR ANY
31 TAXABLE YEAR REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS
32 NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY
33 OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE
34 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
35 S 7. This act shall take effect immediately and shall apply to taxa-
36 ble years commencing on and after January 1, 2009; provided, however
37 that the empire state film production credit under subsection (gg), the
38 empire state commercial production credit under subsection (jj) and the
39 credit for companies who provide transportation to individuals with
40 disabilities under subsection (oo) of section 606 of the tax law
41 contained in section three of this act shall expire on the same date as
42 provided in section 9 of part P of chapter 60 of the laws of 2004, as
43 amended, section 10 of part V of chapter 62 of the laws of 2006, and
44 section 5 of chapter 522 of the laws of 2006, as amended, respectively.
