Bill Text: NY A08588 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Increases the amount of geothermal energy systems tax credits.

Spectrum: Partisan Bill (Democrat 27-0)

Status: (Introduced) 2024-03-19 - print number 8588a [A08588 Detail]

Download: New_York-2023-A08588-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8588

                   IN ASSEMBLY

                                    January 12, 2024
                                       ___________

        Introduced by M. of A. RIVERA -- read once and referred to the Committee
          on Ways and Means

        AN  ACT  to  amend the tax law, in relation to geothermal energy systems
          tax credits

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraphs  1 and 9 of subsection (g-4) of section 606 of
     2  the tax law, as added by section 1 of part FF of chapter 59 of the  laws
     3  of 2022, are amended to read 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  geothermal  energy  system  expenditures,  except  as  provided in
     7  subparagraph (D) of paragraph two of this subsection, not to exceed five
     8  thousand dollars for  qualified  geothermal  energy  systems  placed  in
     9  service  before  June thirtieth, two thousand twenty-four, and ten thou-
    10  sand dollars for qualified geothermal energy equipment placed in service
    11  on or after July first, two thousand twenty-four.
    12    (9) Carryover of credit and refundability. If the amount of the  cred-
    13  it,  and  carryovers of such credit, allowable under this subsection for
    14  any taxable year shall exceed the taxpayer's tax  for  such  year,  such
    15  excess amount may be carried over to the five taxable years next follow-
    16  ing the taxable year with respect to which the credit is allowed and may
    17  be  deducted from the taxpayer's tax for such year or years. For taxable
    18  years beginning on or after January first, two thousand twenty-five,  if
    19  the  amount  of  the credit allowable under this subsection shall exceed
    20  the taxpayer's tax liability for such year, and the taxpayer  meets  the
    21  definition  of  low-to-moderate  income  or  resides  in a disadvantaged
    22  community, the excess shall be treated as an overpayment of  tax  to  be
    23  credited  or  refunded. Any refund paid pursuant to this paragraph shall
    24  be deemed to be a refund of an overpayment of tax as provided in section
    25  six hundred eighty-six of  this  article,  provided,  however,  that  no
    26  interest shall be paid thereon.
    27    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13762-03-4