Bill Text: NY S08106 | 2023-2024 | General Assembly | Amended

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Bill Title: Increases the amount of geothermal energy systems tax credits.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-03-13 - PRINT NUMBER 8106A [S08106 Detail]

Download: New_York-2023-S08106-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8106--A

                    IN SENATE

                                     January 8, 2024
                                       ___________

        Introduced  by  Sens. KENNEDY, COONEY, KRUEGER -- read twice and ordered
          printed, and when printed to be committed to the Committee  on  Budget
          and  Revenue  -- committee discharged, bill amended, ordered reprinted
          as amended and recommitted to said committee

        AN ACT to amend the tax law, in relation to  geothermal  energy  systems
          tax credits

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

     1    Section 1. Paragraphs 1 and 9 of subsection (g-4) of  section  606  of
     2  the  tax law, as added by section 1 of part FF of chapter 59 of the laws
     3  of 2022, are amended to read 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 geothermal  energy  system  expenditures,  except  as  provided  in
     7  subparagraph (D) of paragraph two of this subsection, not to exceed five
     8  thousand  dollars  for  qualified  geothermal  energy  systems placed in
     9  service before June thirtieth, two thousand twenty-four, and  ten  thou-
    10  sand dollars for qualified geothermal energy equipment placed in service
    11  on or after July first, two thousand twenty-four.
    12    (9)  Carryover of credit and refundability. If the amount of the cred-
    13  it, and carryovers of such credit, allowable under this  subsection  for
    14  any  taxable  year  shall  exceed the taxpayer's tax for such year, such
    15  excess amount may be carried over to the five taxable years next follow-
    16  ing the taxable year with respect to which the credit is allowed and may
    17  be deducted from the taxpayer's tax for such year or years. For  taxable
    18  years  beginning on or after January first, two thousand twenty-five, if
    19  the amount of the credit allowable under this  subsection  shall  exceed
    20  the  taxpayer's  tax liability for such year, and the taxpayer meets the
    21  definition of low-to-moderate income, as defined in subdivision  (c)  of
    22  section  nine hundred seventy-c of the general municipal law, or resides
    23  in a disadvantaged community, as defined in subdivision five of  section
    24  75-0101  of  the  environmental  conservation  law,  the excess shall be
    25  treated as an overpayment of tax to be credited or refunded. Any  refund
    26  paid  pursuant  to  this  paragraph shall be deemed to be a refund of an
    27  overpayment of tax as provided in section six hundred eighty-six of this
    28  article, provided, however, that no interest shall be paid thereon.
    29    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13762-04-4