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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-05-06 - RECOMMIT, ENACTING CLAUSE STRICKEN [S08106 Detail]

Download: New_York-2023-S08106-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8106

                    IN SENATE

                                     January 8, 2024
                                       ___________

        Introduced  by  Sen. KENNEDY -- 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  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  or  resides  in  a  disadvantaged
    22  community,  the  excess  shall be treated as an overpayment of tax to be
    23  credited or refunded. Any refund paid pursuant to this  paragraph  shall
    24  be deemed to be a refund of an overpayment of tax as provided in section
    25  six  hundred  eighty-six  of  this  article,  provided, however, that no
    26  interest shall be paid thereon.
    27    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13762-03-4