Bill Text: NY S01260 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to increasing the tax credit provided for solar energy system equipment from $5,000 to $10,000.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2016-01-21 - PRINT NUMBER 1260A [S01260 Detail]

Download: New_York-2015-S01260-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1260--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 9, 2015
                                       ___________
        Introduced  by  Sens.  MONTGOMERY,  SQUADRON  --  read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations -- recommitted to the  Committee  on
          Investigations  and  Government  Operations  in accordance with Senate
          Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
        AN  ACT  to  amend the tax law, in relation to increasing the tax credit
          provided for solar energy system equipment
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph 1 of subsection (g-1) of section 606 of the tax
     2  law, as amended by chapter 375 of the laws of 2012, is amended  to  read
     3  as follows:
     4    (1)  General. An individual taxpayer shall be allowed a credit against
     5  the tax imposed by this article equal to twenty-five percent  of  quali-
     6  fied  solar  energy system equipment expenditures, except as provided in
     7  subparagraph (D) of paragraph two of this subsection. This credit  shall
     8  not  exceed  three  thousand  seven  hundred fifty dollars for qualified
     9  solar energy equipment placed in service  before  September  first,  two
    10  thousand  six,  and  five  thousand  dollars  for qualified solar energy
    11  equipment placed in service on or after September  first,  two  thousand
    12  six and prior to September first, two thousand sixteen, and ten thousand
    13  dollars  for  qualified  solar  energy equipment placed in service on or
    14  after September first, two thousand sixteen.
    15    § 2. This act shall take effect immediately and shall apply to taxable
    16  years commencing on and after January 1, 2016.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02847-02-6