Bill Text: NY A00428 | 2019-2020 | General Assembly | Introduced

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Bill Title: Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSERDA to develop a list of qualified products and improvements and provides that such improvements shall not affect the assessed valuation of real property for tax purposes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00428 Detail]

Download: New_York-2019-A00428-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           428
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced by M. of A. LIFTON -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to amend the tax law and the real property tax law, in relation
          to providing a tax credit for the purchase of  energy  efficient  home
          improvements
          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)  Credit  for the purchase of energy efficient home improvements.
     4  (1) Allowance and amount of credit. A taxpayer shall be allowed a  cred-
     5  it,  to  be  computed  as  provided  in this subsection, against the tax
     6  imposed by this article. The amount of the  credit  shall  be  equal  to
     7  twenty-five  percent  of the cost of energy efficient home improvements,
     8  as provided in paragraph two of this subsection, up to  a  two  thousand
     9  five hundred dollar limit for all home improvements made by such taxpay-
    10  er  to  the taxpayer's principal residence, if such residence is located
    11  within this state.
    12    (2) The New York state energy research and development authority shall
    13  adopt rules and regulations setting forth home improvements which quali-
    14  fy for the credit under this subsection. Such authority shall develop  a
    15  list  of  such improvements and products and make such list available on
    16  its website.
    17    (3) Application of credit. If the amount of credit allowed under  this
    18  subsection for any taxable year shall exceed the taxpayer's tax for such
    19  year, the excess shall be treated as an overpayment of tax to be credit-
    20  ed  or refunded in accordance with the provisions of section six hundred
    21  eighty-six of this article, provided, however, that no interest shall be
    22  paid thereon.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05097-01-9
        A. 428                              2
     1    § 2. The real property tax law is amended  by  adding  a  new  section
     2  582-b to read as follows:
     3    § 582-b. Energy efficient home improvements. Energy efficient products
     4  and  home improvements which qualified for a tax credit under subsection
     5  (jjj) of section six hundred six of the tax law shall not  increase  the
     6  assessed  valuation  for  purposes of real property taxation of any real
     7  property to which such improvements are made or products are affixed.
     8    § 3. This act shall take effect on the first of January next  succeed-
     9  ing  the  date  on  which  it shall have become a law and shall apply to
    10  taxable years commencing on and after such date.