Bill Text: NY S07071 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes a personal income tax credit for solar energy systems purchased and installed at a residence.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S07071 Detail]

Download: New_York-2019-S07071-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7071

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2020
                                       ___________

        Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to personal income  tax  credit
          for residential solar energy systems

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subparagraph (A) of paragraph  2  of  subsection  (g-1)  of
     2  section  606  of  the  tax law, as amended by chapter 375 of the laws of
     3  2012, is amended to read as follows:
     4    (A) The term "qualified solar energy  system  equipment  expenditures"
     5  means expenditures for:
     6    (i)  the  purchase of solar energy system equipment which is installed
     7  in connection with residential property which is  (I)  located  in  this
     8  state and (II) which is used by the taxpayer as [his or her principal] a
     9  residence  at  the  time  the solar energy system equipment is placed in
    10  service;
    11    (ii) the lease of solar energy system equipment under a written agree-
    12  ment that spans at least ten years  where  such  equipment  owned  by  a
    13  person  other than the taxpayer is installed in connection with residen-
    14  tial property which is (I) located in this state and (II) which is  used
    15  by  the  taxpayer  as [his or her principal] a residence at the time the
    16  solar energy system equipment is placed in service; or
    17    (iii) the purchase of power under a written agreement  that  spans  at
    18  least  ten  years  whereunder  the power purchased is generated by solar
    19  energy system equipment owned by a person other than the taxpayer  which
    20  is  installed  in  connection  with  residential  property  which is (I)
    21  located in this state and (II) which is used by the taxpayer as [his  or
    22  her principal] a residence at the time the solar energy system equipment
    23  is placed in service.
    24    § 2. Paragraph 4 of subsection (g-1) of section 606 of the tax law, as
    25  amended  by  chapter  378  of  the  laws  of 2005, is amended to read as
    26  follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13919-02-9
        S. 7071                             2

     1    (4)  Multiple  taxpayers.  Where  solar  energy  system  equipment  is
     2  purchased and installed in a [principal] residence shared by two or more
     3  taxpayers,  the amount of the credit allowable under this subsection for
     4  each such taxpayer shall be prorated according to the percentage of  the
     5  total  expenditure for such solar energy system equipment contributed by
     6  each taxpayer.
     7    § 3. Paragraph 5 of subsection (g-1) of section 606 of the tax law, as
     8  added by chapter 128 of the laws of 2007, is amended to read as follows:
     9    (5) Proportionate  share.  Where  solar  energy  system  equipment  is
    10  purchased  and  installed  by  a condominium management association or a
    11  cooperative housing corporation, a taxpayer  who  is  a  member  of  the
    12  condominium management association or who is a tenant-stockholder in the
    13  cooperative  housing  corporation may for the purpose of this subsection
    14  claim a proportionate share of the total expense as the expenditure  for
    15  the purposes of the credit attributable to his [principal]
    16   or her residence.
    17    §  4. Paragraphs 7 and 8 of subsection (g-1) of section 606 of the tax
    18  law, as renumbered by chapter 128 of the laws of  2007,  are  renumbered
    19  paragraphs 8 and 9 and a new paragraph 7 is added to read as follows:
    20    (7)  Limitation;  one  residence.  An  eligible taxpayer shall only be
    21  allowed to apply the credit provided for in this subsection to one resi-
    22  dence of such taxpayer.
    23    § 5. This act shall take effect on the first of January next  succeed-
    24  ing  the  date  on  which  it shall have become a law and shall apply to
    25  taxable years beginning on and after such date.