Bill Text: NY A06420 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to increasing the tax credit provided for solar energy system equipment from $5,000 to $10,000.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2019-03-07 - referred to ways and means [A06420 Detail]

Download: New_York-2019-A06420-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6420
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                      March 7, 2019
                                       ___________
        Introduced by M. of A. WALKER -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to  amend the tax law, in relation to increasing the tax credit
          provided for solar energy system equipment from five thousand  dollars
          to ten thousand dollars
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph 1 of subsection (g-1) of section 606 of  the  tax
     2  law,  as  amended by chapter 375 of the laws of 2012, is amended to read
     3  as follows:
     4    (1) General. An individual taxpayer shall be allowed a credit  against
     5  the  tax  imposed by this article equal to twenty-five percent of quali-
     6  fied solar energy system equipment expenditures, except as  provided  in
     7  subparagraph  (D) of paragraph two of this subsection. This credit shall
     8  not exceed three thousand seven  hundred  fifty  dollars  for  qualified
     9  solar  energy  equipment  placed  in service before September first, two
    10  thousand six, and five  thousand  dollars  for  qualified  solar  energy
    11  equipment  placed  in  service on or after September first, two thousand
    12  six and prior to September first, two thousand nineteen, and  ten  thou-
    13  sand  dollars  for qualified solar energy equipment placed in service on
    14  or after September first, two thousand nineteen.
    15    § 2. This act shall take effect immediately and shall apply to taxable
    16  years commencing on and after January 1, 2019.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03437-01-9
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