Bill Text: NY A00378 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a credit against personal income tax for homes that meet certain energy efficiency standards.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00378 Detail]

Download: New_York-2019-A00378-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           378
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced by M. of A. LIFTON, LUPARDO, O'DONNELL, THIELE -- Multi-Spon-
          sored  by  -- M.  of A. JAFFEE, STECK -- read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law, in relation to providing a personal  income
          tax  credit for the purchase of a home that meets certain energy effi-
          ciency standards
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (jjj) to read as follows:
     3    (jjj) HERS home credit. (1) A taxpayer shall be allowed  a  credit  as
     4  provided  in this subsection against the tax imposed by this article for
     5  the purchase of eligible real property. The amount of the  credit  shall
     6  be as follows:
     7    (i)  five thousand dollars for the purchase of a new or renovated home
     8  rated fifty or lower but higher than twenty-five on the HERS index;
     9    (ii) seven thousand five hundred dollars for the purchase of a new  or
    10  renovated  home  rated  twenty-five or lower but higher than zero on the
    11  HERS index;
    12    (iii) ten thousand dollars for the purchase of a new or renovated home
    13  rated zero on the HERS index;
    14    (2) In the case of a husband and wife who file a joint federal return,
    15  but who are required to determine  their  state  taxes  separately,  the
    16  credit  allowed  pursuant  to this subsection may be applied against the
    17  tax imposed of either or divided between them as they may elect.
    18    (3) If the amount of the credit allowed under  this  subsection  shall
    19  exceed  the  taxpayer's  tax  for  the taxable year, the excess shall be
    20  treated as an overpayment of tax to be credited or refunded  in  accord-
    21  ance with the provisions of section six hundred eighty-six of this arti-
    22  cle, provided, however, that no interest shall be paid thereon.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01827-01-9
        A. 378                              2
     1    (4) For the purposes of this subsection, the terms:
     2    (i)  "eligible  real property" shall mean a newly constructed or reno-
     3  vated one or two family residence in this state, that is:
     4    (A) the primary residence of the taxpayer; and
     5    (B) has a rating on the home energy rating system of fifty or less.
     6    (ii) "HERS" shall mean the home energy rating system.
     7    § 2. This act shall take effect on the thirtieth day  after  it  shall
     8  have  become  a  law and shall apply to eligible real property purchased
     9  pursuant to contracts of sale executed on or after such effective date.