Bill Text: NY A05029 | 2015-2016 | 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 9-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05029 Detail]

Download: New_York-2015-A05029-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5029
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 10, 2015
                                      ___________
       Introduced  by  M.  of  A.  LIFTON, LUPARDO, O'DONNELL, THIELE, SKOUFIS,
         ROBERTS, SCHIMEL -- Multi-Sponsored by -- M. of A. JAFFEE,  SKARTADOS,
         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 (ccc) to read as follows:
    3    (CCC)  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.
   23    (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERMS:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03974-01-5
       A. 5029                             2
    1    (I) "ELIGIBLE REAL PROPERTY" SHALL MEAN A NEWLY CONSTRUCTED  OR  RENO-
    2  VATED ONE OR TWO FAMILY RESIDENCE IN THIS STATE, THAT IS:
    3    (A) THE PRIMARY RESIDENCE OF THE TAXPAYER; AND
    4    (B) HAS A RATING ON THE HOME ENERGY RATING SYSTEM OF FIFTY OR LESS.
    5    (II) "HERS" SHALL MEAN THE HOME ENERGY RATING SYSTEM.
    6    S  2.  This  act shall take effect on the thirtieth day after it shall
    7  have become a law and shall apply to eligible  real  property  purchased
    8  pursuant to contracts of sale executed on or after such effective date.