Bill Text: NY S02879 | 2015-2016 | General Assembly | Amended

New York Senate Bill 2879 (Prior Session Legislation)

Bill Title: Extends the solar energy system equipment tax credit carryover period from five years to ten years.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-02-08 - PRINT NUMBER 2879A [S02879 Detail]

Download: New_York-2015-S02879-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
            S. 2879--A                                            A. 4201--A
                               2015-2016 Regular Sessions
                SENATE - ASSEMBLY
                                    January 29, 2015
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed,  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
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Ways and Means -- recommitted to the Committee  on
          Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to  amend  the  tax law, in relation to the solar energy system
          equipment tax credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph 8 of subsection (g-1) of section 606 of the tax
     2  law, as amended by chapter 378 of the laws of 2005 and as renumbered  by
     3  chapter 128 of the laws of 2007, is amended to read as follows:
     4    (8)  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] ten taxable years next following the taxable
     8  year with respect to which the credit is allowed  and  may  be  deducted
     9  from the taxpayer's tax for such year or years.
    10    § 2. This act shall take effect immediately and shall apply to taxable
    11  years beginning on or after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08166-02-6