Bill Text: NY A02536 | 2013-2014 | General Assembly | Amended
Bill Title: Establishes an alternative energy systems and generating equipment tax credit for qualified expenditures meeting the criteria prescribed by the department of taxation and finance, in consultation with the department of environmental conservation and the New York state energy research and development authority, for taxpayers subject to tax under articles nine-A, twenty-two, thirty-two and thirty-three of the tax law whose business is not substantially engaged in the commercial generation, distribution, transmission or servicing of energy or energy products.
Spectrum: Moderate Partisan Bill (Republican 7-1)
Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A02536 Detail]
Download: New_York-2013-A02536-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2536--A
2013-2014 Regular Sessions
I N A S S E M B L Y
January 16, 2013
___________
Introduced by M. of A. CROUCH, FINCH, BARCLAY, McDONOUGH -- Multi-Spon-
sored by -- M. of A. HAWLEY, KOLB, McKEVITT, THIELE -- read once and
referred to the Committee on Ways and Means -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee
AN ACT to amend the tax law, in relation to establishing a tax credit
for alternative energy systems and generating equipment
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 24-a to read
2 as follows:
3 S 24-A. CREDIT FOR ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIP-
4 MENT. (A) GENERAL. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A, TWEN-
5 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER, WHOSE BUSINESS IS
6 NOT SUBSTANTIALLY ENGAGED IN THE COMMERCIAL GENERATION, DISTRIBUTION,
7 TRANSMISSION OR SERVICING OF ENERGY OR ENERGY PRODUCTS, AND WHO EMPLOYS
8 ONE OR MORE FULL-TIME EMPLOYEES, EXCLUDING GENERAL EXECUTIVE OFFICERS
9 (IN THE CASE OF A CORPORATION), SHALL BE ALLOWED A CREDIT AGAINST SUCH
10 TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (E) OF THIS
11 SECTION. THE CREDIT SHALL BE ALLOWED FOR QUALIFIED EXPENDITURES WHICH
12 MEET THE ELIGIBILITY CRITERIA, IF ANY, PRESCRIBED BY THE DEPARTMENT, IN
13 CONSULTATION WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION AND THE
14 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, DISBURSED IN
15 NEW YORK STATE.
16 (B) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION: (1) THE TERM
17 "SOLAR AND WIND ENERGY SYSTEM EQUIPMENT" SHALL REFER TO A SYSTEM WHICH
18 SHALL MEET THE ELIGIBILITY REQUIREMENTS SET BY THE DEPARTMENT OF ENVI-
19 RONMENTAL CONSERVATION AND THE NEW YORK STATE ENERGY AND RESEARCH AND
20 DEVELOPMENT AUTHORITY WHICH SERVES AS:
21 (I) SOLAR ELECTRIC GENERATING EQUIPMENT WHICH SHALL MEAN AN ARRANGE-
22 MENT OR COMBINATION OF COMPONENTS UTILIZING SOLAR RADIATION TO PRODUCE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06362-02-3
A. 2536--A 2
1 ENERGY DESIGNED TO PROVIDE HEATING, COOLING, HOT WATER OR ELECTRICITY.
2 SUCH ARRANGEMENT OR COMPONENTS SHALL NOT INCLUDE EQUIPMENT THAT IS PART
3 OF A NON-SOLAR ENERGY SYSTEM OR WHICH USES ANY SORT OF RECREATIONAL
4 FACILITY OR EQUIPMENT AS A STORAGE MEDIUM;
5 (II) A WIND ENERGY SYSTEM, WHICH SHALL MEAN AN ARRANGEMENT OR COMBINA-
6 TION OF COMPONENTS DESIGNED TO GENERATE AND PROVIDE ELECTRICITY OR
7 MECHANICAL ENERGY THROUGH THE PROCESS OF CONVERTING FORCE PROVIDED BY
8 WIND INTO MECHANICAL AND/OR ELECTRICAL ENERGY, AND STORING OR DISTRIBUT-
9 ING SUCH ENERGY.
10 (2) THE TERM "FUEL CELL ELECTRIC GENERATING EQUIPMENT" SHALL REFER TO
11 ON-SITE ELECTRICITY GENERATION SYSTEMS, LOCATED IN REAL PROPERTY LOCATED
12 IN NEW YORK STATE UTILIZING PROTON EXCHANGE MEMBRANE FUEL CELLS OR
13 MOLTEN CARBONATE FUEL CELL TECHNOLOGIES. "FUEL CELL" MEANS A DEVICE
14 THAT PRODUCES ELECTRICITY DIRECTLY FROM HYDROGEN OR HYDROCARBON FUEL
15 THROUGH A NON-COMBUSTIVE ELECTROCHEMICAL PROCESS.
16 (3) THE TERM "GEOTHERMAL RESOURCE TRANSFER SYSTEM" MEANS A SYSTEM
17 TRANSFERRING ENERGY THROUGH THE USE OF A RESOURCE IN NEW YORK STATE
18 INCLUDING:
19 (I) ALL PRODUCTS OF GEOTHERMAL PROCESSES EMBRACING INDIGENOUS STEAM,
20 HOT WATER, AND HOT BRINES;
21 (II) STEAM AND OTHER GASES, HOT WATER AND HOT BRINES RESULTING FROM
22 WATER, GAS, OR OTHER FLUIDS ARTIFICIALLY INTRODUCED INTO GEOTHERMAL
23 FORMATIONS;
24 (III) HEAT OR OTHER ASSOCIATED ENERGY FOUND IN GEOTHERMAL FORMATIONS;
25 AND
26 (IV) ANY BYPRODUCTS DERIVED FROM THEM, WHERE "BYPRODUCT" MEANS ANY
27 MINERAL OR MINERALS (EXCLUSIVE OF OIL, HYDROCARBON GAS, AND HELIUM)
28 WHICH ARE FOUND IN SOLUTION OR IN ASSOCIATION WITH OTHER GEOTHERMAL
29 RESOURCES AND WHICH HAVE A VALUE OF LESS THAN SEVENTY-FIVE PERCENT OF
30 THE VALUE OF THE GEOTHERMAL STEAM OR ARE NOT, BECAUSE OF QUANTITY, QUAL-
31 ITY, OR TECHNICAL DIFFICULTIES IN EXTRACTION AND PRODUCTION, OF SUFFI-
32 CIENT VALUE TO WARRANT EXTRACTION AND PRODUCTION BY THEMSELVES.
33 (4) THE TERM "BIOMASS ENERGY CONVERSION EQUIPMENT" SHALL MEAN EQUIP-
34 MENT THAT CONVERTS FOREST AND/OR AGRICULTURAL MATERIALS THROUGH
35 COMBUSTION, GASIFICATION, OR PYROLYSIS INTO HEAT, ELECTRICITY, OR HEAT
36 AND ELECTRICITY THAT IS:
37 (I) MANUFACTURED, INSTALLED, AND OPERATED IN ACCORDANCE WITH APPLICA-
38 BLE GOVERNMENT AND INDUSTRY STANDARDS,
39 (II) IN THE CASE OF BIOMASS-GENERATED ELECTRICITY, EITHER USED TO MEET
40 THE ELECTRICITY REQUIREMENTS OF THE OWNER OR THE OWNER AND USERS LOCATED
41 WITHIN ONE-HALF MILE OF THE INSTALLED EQUIPMENT, OR CONNECTED TO THE
42 ELECTRIC SYSTEM AND OPERATED IN CONJUNCTION WITH AN ELECTRIC CORPO-
43 RATION'S TRANSMISSION AND DISTRIBUTION FACILITIES,
44 (III) IN THE CASE OF BIOMASS-GENERATED HEAT, EITHER USED TO MEET THE
45 REQUIREMENTS OF THE OWNER OR OF OTHER BUSINESSES AND HEAT CUSTOMERS
46 LOCATED WITHIN ONE-QUARTER MILE OF THE INSTALLED EQUIPMENT.
47 (5) THE TERM "CREDIT ALLOWANCE YEAR" MEANS THE FIRST TAXABLE YEAR WITH
48 RESPECT TO WHICH THE CREDIT MAY BE CLAIMED PURSUANT TO THE INITIAL CRED-
49 IT COMPONENT CERTIFICATE ISSUED PURSUANT TO SUBDIVISION (D) OF THIS
50 SECTION.
51 (6) THE TERM "TAXABLE YEAR" MEANS THE TAXABLE YEAR OF A BUSINESS
52 TAXPAYER FILING A NEW YORK STATE TAX RETURN UNDER ARTICLE NINE-A, TWEN-
53 TY-TWO, THIRTY-TWO OR THIRTY-THREE OF THIS CHAPTER. IF THE BUSINESS DOES
54 NOT HAVE A TAXABLE YEAR BECAUSE IT IS EXEMPT FROM TAXATION OR OTHERWISE
55 IS NOT REQUIRED TO FILE SUCH A RETURN UNDER ANY OF SUCH STATUTES, THE
56 TERM "TAXABLE YEAR" MEANS (I) THE BUSINESS'S FEDERAL TAXABLE YEAR, OR
A. 2536--A 3
1 (II) IF THE BUSINESS DOES NOT HAVE A FEDERAL TAXABLE YEAR, THE GIVEN
2 CALENDAR YEAR.
3 (7) "QUALIFIED EXPENDITURES" SHALL BE REMITTED COSTS FOR MATERIALS,
4 LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND
5 ORIGINAL INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND
6 DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
7 OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT, SOLAR ELECTRIC GENERATING
8 EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT AND/OR GEOTHERMAL
9 RESOURCE TRANSFER SYSTEM EQUIPMENT DIRECTLY RELATED TO THE CONSTRUCTION
10 OR INSTALLATION OF SUCH EQUIPMENT INTENDED FOR THE ORIGINAL USE OF SAID
11 TAXPAYER, AT, OR DIRECTLY RELATED TO, A PROPERTY IN NEW YORK STATE THAT
12 OPERATES AS THE SITUS OF A BUSINESS ENTITY OF SAID TAXPAYER. SUCH QUALI-
13 FIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES
14 WHETHER SUCH CHARGES ACCRUE AS A RESULT OF LEASE OR OWNERSHIP OF SUCH
15 EQUIPMENT. FOR PURPOSES OF DETERMINING THE EXPENSES SERVING AS QUALI-
16 FIED EXPENDITURES UNDER THIS SECTION, ANY AMOUNT OF FEDERAL, STATE OR
17 LOCAL GRANT RECEIVED BY THE TAXPAYER USED FOR THE PURCHASE AND/OR
18 INSTALLATION OF SUCH EQUIPMENT AND WHICH IS NOT INCLUDED IN THE FEDERAL
19 GROSS INCOME OF THE TAXPAYER SHALL NOT SERVE AS A QUALIFYING EXPENDI-
20 TURE.
21 (C) ALLOWANCE OF CREDIT. (1) QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
22 GENERATING EQUIPMENT EXPENSES. QUALIFIED ALTERNATIVE ENERGY SYSTEMS AND
23 GENERATING EQUIPMENT EXPENSES ARE THOSE QUALIFIED EXPENDITURES GENERATED
24 FROM THE PURCHASE AND INSTALLATION OF ELIGIBLE EQUIPMENT AS ENUMERATED
25 IN SUBDIVISION (B) OF THIS SECTION.
26 (2) CREDIT FOR SOLAR AND WIND ENERGY SYSTEM EQUIPMENT. THE AMOUNT OF
27 CREDIT FOR THE PURCHASE AND INSTALLATION OF ELIGIBLE SOLAR AND WIND
28 ENERGY SYSTEM EQUIPMENT SHALL BE FIFTY PERCENT OF THE QUALIFIED EXPENSES
29 FOR TAXPAYERS UNDER ARTICLE NINE-A, THIRTY-TWO OR THIRTY-THREE, AND
30 FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE
31 TWENTY-TWO OF THIS CHAPTER, INCURRED IN PURCHASING AND INSTALLING ANY
32 SUCH SYSTEM OR COMBINATION THEREOF.
33 (3) CREDIT FOR FUEL CELL ELECTRIC GENERATING EQUIPMENT, GEOTHERMAL
34 RESOURCE TRANSFER SYSTEM EQUIPMENT AND/OR BIOMASS ENERGY CONVERSION
35 EQUIPMENT. THE AMOUNT OF CREDIT FOR THE PURCHASE AND INSTALLATION OF
36 ELIGIBLE FUEL CELL ELECTRIC GENERATING EQUIPMENT, GEOTHERMAL RESOURCE
37 TRANSFER SYSTEM EQUIPMENT AND/OR BIOMASS ENERGY CONVERSION EQUIPMENT
38 SHALL BE FORTY-FIVE PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS
39 UNDER ARTICLE NINE, NINE-A, THIRTY-TWO OR THIRTY-THREE, AND FORTY
40 PERCENT OF THE QUALIFIED EXPENSES FOR TAXPAYERS UNDER ARTICLE TWENTY-TWO
41 OF THIS CHAPTER, INCURRED IN PURCHASING AND INSTALLING ANY SUCH SYSTEM.
42 (4) MULTIPLE TAXPAYERS. WHERE QUALIFYING EXPENDITURES ARE ACCUMULATED
43 FROM THE CONSTRUCTION AND/OR THE INSTALLATION OF QUALIFYING ALTERNATIVE
44 SYSTEMS AND GENERATING EQUIPMENT ARE SHARED BY TWO OR MORE TAXPAYERS,
45 THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SECTION SHALL BE PRORATED
46 ACCORDING TO THE PERCENTAGE OF THE TOTAL EXPENDITURE FOR SUCH EQUIPMENT
47 CONTRIBUTED BY EACH TAXPAYER.
48 (D) CREDIT QUALIFICATION. (1) REALIZATION OF CREDIT. CREDITS EARNED
49 UNDER THIS SECTION SHALL BE QUALIFYING EXPENDITURES INCURRED AFTER JANU-
50 ARY FIRST, TWO THOUSAND FOURTEEN, THAT ACCREDIT TO THE TAXPAYER'S CREDIT
51 ALLOWANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR ACCORDING TO THE
52 PROVISIONS OF SUBDIVISION (C) OF THIS SECTION.
53 (2) CREDIT COMPONENT CERTIFICATE. A TAXPAYER WHO WISHES TO MAKE AN
54 INITIAL CLAIM FOR CREDITS UNDER THIS SECTION SHALL SUBMIT AN APPLICATION
55 FOR A CREDIT COMPONENT CERTIFICATE TO THE DIRECTOR OF THE NEW YORK STATE
56 ENERGY RESEARCH AND DEVELOPMENT AUTHORITY UPON THE SUCCESSFUL INSTALLA-
A. 2536--A 4
1 TION AND OPERATION FOR AT LEAST THREE CONTINUOUS MONTHS OF ELIGIBLE
2 EQUIPMENT THAT RATE AS QUALIFIED EXPENDITURES. THE PRESIDENT OF THE NEW
3 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, IN CONSULTATION
4 WITH THE COMMISSIONER AND THE COMMISSIONER OF ENVIRONMENTAL CONSERVA-
5 TION, SHALL PRESCRIBE THE REQUIREMENTS FOR THE ACCEPTANCE OF SUCH APPLI-
6 CATION, BUT AT A MINIMUM THE APPLICATION SHALL LIST THE AMOUNT OF QUALI-
7 FYING EXPENDITURES, THE RATING CAPACITY IN KILOWATT HOURS OF SUCH
8 EQUIPMENT, AND THE ANTICIPATED REDUCTION IN THE USE OF CONVENTIONAL
9 ENERGY GENERATION SOURCES REALIZED THROUGH THE USE OF SUCH EQUIPMENT.
10 SUCH APPLICATION SHALL REQUIRE A FEE OF FIFTY DOLLARS FOR EACH FIVE
11 MILLION DOLLARS OF GROSS RECEIPTS LISTED BY THE TAXPAYER FOR THE TAXABLE
12 YEAR IMMEDIATELY PRECEDING THE INITIAL CREDIT ALLOWANCE YEAR AFTER THE
13 FIRST FIVE MILLION DOLLARS IN GROSS RECEIPTS FOR SUCH TAXABLE YEAR. ANY
14 EXPANSION OF ALTERNATIVE RATED CAPACITY ADHERING TO INCREASED QUALIFYING
15 EXPENDITURES BEYOND SUCH EXPENDITURES UTILIZED IN A PRIOR ACCEPTED
16 APPLICATION SHALL REQUIRE AN ADDITIONAL APPLICATION FOR FURTHER CREDIT
17 CLAIMS UNDER THIS SECTION.
18 (3) ISSUANCE OF CERTIFICATE. THE PRESIDENT OF THE NEW YORK STATE ENER-
19 GY RESEARCH AND DEVELOPMENT AUTHORITY SHALL REVIEW APPLICATIONS FILED
20 UNDER THIS SECTION TO VERIFY AN ELIGIBLE BUSINESS'S CLAIMED BENEFITS
21 UNDER THIS SECTION. THE PRESIDENT SHALL SUPPLY TO EACH COMPANY A CERTIF-
22 ICATE MARKING THE APPROVAL OF QUALIFYING EXPENSES FOR APPLICATION TO THE
23 COMMISSIONER FOR CREDITS UNDER THIS SECTION WITHIN NINETY DAYS OF THE
24 RECEIPT OF SUCH APPLICATION. A COPY OF THIS CERTIFICATE SHALL BE
25 ATTACHED TO ANY RETURNS SUCH TAXPAYER IS REQUIRED TO FILE UNDER THIS
26 CHAPTER. IF ANY EXPENSES USED AS PART OF THE CREDIT BASE OF QUALIFYING
27 EXPENDITURES ARE DENIED FOR SUCH CREDIT CLAIM BY THE PRESIDENT OF THE
28 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY, SUCH DENIAL
29 SHALL BE REPORTED TO THE TAXPAYER AND THE COMMISSIONER WITH A DETAILED
30 EXPLANATION OF THE RATIONALE FOR SUCH DENIAL.
31 (4) REVOCATION OF BENEFITS. IN ADDITION TO ANY OTHER PENALTIES ENUMER-
32 ATED UNDER THIS CHAPTER, A VIOLATION OF THE TERMS OF THIS SUBDIVISION OR
33 ANY WILLFUL MISREPRESENTATION OF ANY OF THE TERMS OF THIS SECTION MAY
34 RESULT IN THE RESCINDING OF THE CERTIFICATE ISSUED UNDER THIS PARAGRAPH
35 AND A RECAPTURE OF CURRENT AND PREVIOUSLY RECEIVED BENEFITS. THE PRESI-
36 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
37 SHALL REPORT TO THE COMMISSIONER ANY DETERMINATIONS OF VIOLATIONS OF THE
38 TERMS OF THIS SECTION. THE COMMISSIONER AND THE COMMISSIONER OF ENVI-
39 RONMENTAL CONSERVATION SHALL MAKE RECOMMENDATIONS TO THE PRESIDENT OF
40 THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY FOR THE
41 RESCINDING OF ANY CERTIFICATE ISSUED PURSUANT TO THIS SECTION THAT THE
42 COMMISSIONER OF ENVIRONMENTAL CONSERVATION DETERMINES RESULTS FROM A
43 WILLFUL FALSE CLAIM OF THE CAPABILITIES OR AMOUNT OF QUALIFYING EXPENDI-
44 TURES OF SOLAR AND WIND ENERGY SYSTEM EQUIPMENT AND FUEL CELL ELECTRIC
45 GENERATING EQUIPMENT.
46 (5) EARLY DISPOSITION. THE DISCONTINUED USE OF ANY SOLAR AND WIND
47 ENERGY SYSTEM EQUIPMENT, FUEL CELL ELECTRIC GENERATING EQUIPMENT OR
48 GEOTHERMAL RESOURCE TRANSFER SYSTEM EQUIPMENT WITHIN FIVE YEARS OF THE
49 CREDIT ALLOWANCE YEAR SHALL RESULT IN THE RECAPTURE OF CURRENT AND
50 PREVIOUSLY RECEIVED BENEFITS UNLESS SUCH DISPOSITION IS DUE TO THE INOP-
51 ERATIVENESS OF SUCH EQUIPMENT BEYOND ANY REASONABLE CONTROL OR EFFORTS
52 OF THE TAXPAYER OR THE REPLACEMENT OF SUCH EQUIPMENT BY MORE EFFICIENT
53 AND TECHNICALLY ADVANCED ALTERNATIVE ENERGY SYSTEMS APPROVED BY THE
54 COMMISSIONER OF ENVIRONMENTAL CONSERVATION AND THE PRESIDENT OF THE NEW
55 YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY. SUCH EARLY DISPO-
56 SITION SHALL NOT INCLUDE THE TRANSFER OF OWNERSHIP INTEREST OF THE PROP-
A. 2536--A 5
1 ERTY SUCH EQUIPMENT OPERATES WITHIN UNLESS THE TRANSFER RESULTS IN THE
2 CESSATION OF THE OPERATION OF SUCH EQUIPMENT WITHIN FIVE YEARS OF THE
3 CREDIT ALLOWANCE YEAR. THE TAXPAYER SHALL ANNUALLY ATTEST TO THE PRESI-
4 DENT OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
5 THAT SUCH EQUIPMENT REMAINS IN QUALIFYING USE.
6 (E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
7 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
8 (1) ARTICLE 9-A: SECTION 210, SUBDIVISION 46
9 (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (VV)
10 (3) ARTICLE 32: SECTION 1456, SUBSECTION (Z)
11 (4) ARTICLE 33: SECTION 1511, SUBDIVISION (CC).
12 S 2. Section 210 of the tax law is amended by adding a new subdivision
13 46 to read as follows:
14 46. ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. A
15 TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN
16 SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
17 ARTICLE. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
18 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER
19 AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS
20 SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVI-
21 SION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF
22 CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER
23 TO ANY OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED
24 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
25 S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
26 of the tax law is amended by adding a new clause (xxxv) to read as
27 follows:
28 (XXXV) CREDIT FOR ALTERNATIVE QUALIFYING EXPENDITURES
29 ENERGY SYSTEMS AND UNDER SUBDIVISION FORTY-SIX
30 GENERATING EQUIPMENT OF SECTION TWO HUNDRED
31 UNDER SUBSECTION (VV) TEN
32 S 4. Section 606 of the tax law is amended by adding a new subsection
33 (vv) to read as follows:
34 (VV) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
35 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
36 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
37 THE TAX IMPOSED BY THIS ARTICLE.
38 (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
39 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
40 SUCH YEAR, SUCH EXCESS AMOUNT MAY BE CARRIED OVER TO ANY OR ALL OF THE
41 FOLLOWING FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR WITH
42 RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
43 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
44 S 5. Section 1456 of the tax law is amended by adding a new subsection
45 (z) to read as follows:
46 (Z) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
47 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
48 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
49 THE TAX IMPOSED BY THIS ARTICLE.
50 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBSECTION
51 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
52 THAN THE MINIMUM TAX FIXED BY PARAGRAPH THREE OF SUBSECTION (B) OF
53 SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE. HOWEVER, IF THE
54 AMOUNT OF CREDITS ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
55 REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE
A. 2536--A 6
1 IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY OR ALL OF THE
2 FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX
3 FOR SUCH YEAR OR YEARS.
4 S 6. Section 1511 of the tax law is amended by adding a new subdivi-
5 sion (cc) to read as follows:
6 (CC) ALTERNATIVE ENERGY SYSTEMS AND GENERATING EQUIPMENT CREDIT. (1)
7 ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
8 COMPUTED AS PROVIDED IN SECTION TWENTY-FOUR-A OF THIS CHAPTER, AGAINST
9 THE TAXES IMPOSED BY THIS ARTICLE.
10 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
11 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
12 THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDIVISION (A) OF SECTION
13 FIFTEEN HUNDRED TWO OR SECTION FIFTEEN HUNDRED TWO-A OF THIS ARTICLE.
14 HOWEVER, IF THE AMOUNT OF CREDITS ALLOWED UNDER THIS SUBDIVISION FOR ANY
15 TAXABLE YEAR REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS
16 NOT DEDUCTIBLE IN SUCH TAXABLE YEAR OR YEARS MAY BE CARRIED OVER TO ANY
17 OR ALL OF THE FOLLOWING FIVE TAXABLE YEARS AND MAY BE DEDUCTED FROM THE
18 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
19 S 7. This act shall take effect immediately and shall apply to taxa-
20 ble years commencing on and after January 1, 2013.
