Bill Text: NY S09896 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Establishes a hydroelectric power tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-08-28 - REFERRED TO RULES [S09896 Detail]

Download: New_York-2023-S09896-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          9896

                    IN SENATE

                                     August 28, 2024
                                       ___________

        Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the tax law, in relation to establishing a hydroelectric
          power tax credit

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

     1    Section  1.  The tax law is amended by adding a new section 50 to read
     2  as follows:
     3    § 50. Hydroelectric power credit. (a) Allowance of credit. A  taxpayer
     4  subject to tax under article nine, nine-a, twenty-two or thirty-three of
     5  this  chapter shall be allowed a hydroelectric power credit against such
     6  tax, for fifty percent of the cost of any licensing or relicensing  fees
     7  assessed by any state or federal agency.
     8    (b)  Cross-references.  For  application of the credit provided for in
     9  this section, see the following provisions of this chapter:
    10    (1) article 9: section 187-s;
    11    (2) article 9-A: section 210-B, subdivision 61;
    12    (3) article 22: section 606, subsections (i) and (bbb);
    13    (4) article 33: section 1511, subdivision (ff).
    14    § 2. The tax law is amended by adding a new section 187-s to  read  as
    15  follows:
    16    § 187-s. Hydroelectric power credit. 1. Allowance of credit. A taxpay-
    17  er  shall  be  allowed  a  credit, to be computed as provided in section
    18  fifty of this chapter, against the taxes imposed by sections one hundred
    19  eighty-three, one hundred eighty-four and  former  section  one  hundred
    20  eighty-six  of  this article. Provided, however, that the amount of such
    21  credit allowable against the tax imposed by section one hundred  eighty-
    22  four  of  this  article shall be the excess of the amount of such credit
    23  over the amount of any credit allowed by this section  against  the  tax
    24  imposed by section one hundred eighty-three of this article.
    25    2.  Carryover.  In  no  event  shall  the credit under this section be
    26  allowed in an amount which will reduce the tax payable to less than  the
    27  applicable  minimum  tax  fixed  by  section one hundred eighty-three or
    28  former section one hundred eighty-six of this article. If, however,  the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16105-01-4
        S. 9896                             2

     1  amount  of  credit  allowable  under  this  section for any taxable year
     2  reduces the tax to such amount, any amount of credit not  deductible  in
     3  such taxable year may be carried over to the following year or years and
     4  may be deducted from the taxpayer's tax for such year or years.
     5    §  3. Section 210-B of the tax law is amended by adding a new subdivi-
     6  sion 61 to read as follows:
     7    61. Hydroelectric power credit. (a) Allowance of  credit.  A  taxpayer
     8  shall  be  allowed a credit, to be computed as provided in section fifty
     9  of this chapter, against the tax imposed by this article.
    10    (b) Carryover. The credit allowed under this subdivision for any taxa-
    11  ble year shall not reduce the tax due for such year  to  less  than  the
    12  amount  prescribed  in  paragraph  (d) of subdivision one of section two
    13  hundred ten of this article. However, if the amount of credit  allowable
    14  under  this  subdivision  for  any  taxable year reduces the tax to such
    15  amount or if the taxpayer otherwise pays tax based on the  fixed  dollar
    16  minimum amount, any amount of credit not deductible in such taxable year
    17  may  be carried over to the following year or years, and may be deducted
    18  from the qualified employer's tax for such years.
    19    § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    20  of  the  tax  law  is  amended  by  adding a new clause (lii) to read as
    21  follows:

    22  (lii) Hydroelectric power            Amount of credit under
    23  credit under subsection (bbb)        subdivision sixty-one of
    24                                       section two hundred ten-B,
    25                                       or subdivision (ff) of section
    26                                       fifteen hundred eleven

    27    § 5. Section 606 of the tax law is amended by adding a new  subsection
    28  (bbb) to read as follows:
    29    (bbb)  Hydroelectric power credit. (1) Allowance of credit. A taxpayer
    30  shall be allowed a credit, to be computed as provided in  section  fifty
    31  of this chapter, against the tax imposed by this article.
    32    (2)  Carryover. The credit allowed under this subsection for any taxa-
    33  ble year shall not reduce the tax due for such year  to  less  than  the
    34  amount  prescribed  in  paragraph  (d) of subdivision one of section two
    35  hundred ten of this chapter. However, if the amount of credit  allowable
    36  under  this  subsection  for  any  taxable  year reduces the tax to such
    37  amount or if the taxpayer otherwise pays tax based on the  fixed  dollar
    38  minimum amount, any amount of credit not deductible in such taxable year
    39  may  be carried over to the following year or years, and may be deducted
    40  from the taxpayer's tax for such years.
    41    § 6. Section 1511 of the tax law is amended by adding a  new  subdivi-
    42  sion (ff) to read as follows:
    43    (ff)  Hydroelectric  power credit. (1) Allowance of credit. A taxpayer
    44  shall be allowed a credit, to be computed as provided in  section  fifty
    45  of this chapter, against the tax imposed by this article.
    46    (2) Carryover. The credit allowed under this subdivision for any taxa-
    47  ble  year  shall  not  reduce the tax due for such year to less than the
    48  minimum fixed by paragraph four of subdivision (a)  of  section  fifteen
    49  hundred  two of this article or by section fifteen hundred two-a of this
    50  article, whichever is applicable. However, if the amount of  the  credit
    51  allowed  under this subdivision for any taxable year reduces the taxpay-
    52  er's tax to such amount, any amount of credit thus not deductible  shall
    53  be  treated  as  an overpayment of tax to be credited in accordance with
    54  the provisions of section  one  thousand  eighty-six  of  this  chapter.
        S. 9896                             3

     1  Provided, however, the provisions of subsection (c) of section one thou-
     2  sand  eighty-eight of this chapter notwithstanding, no interest shall be
     3  paid thereon.
     4    § 7. This act shall take effect immediately.