Bill Text: NY S01212 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to establishing a corporate and a personal income tax credit for wind energy system equipment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-26 - PRINT NUMBER 1212A [S01212 Detail]

Download: New_York-2015-S01212-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1212--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 9, 2015
                                       ___________
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          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 corporate and
          a personal income tax credit for wind energy system equipment
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 210-B of the tax law is amended  by  adding  a  new
     2  subdivision 49 to read as follows:
     3    49. Wind energy system equipment credit.  (a) General. A taxpayer, who
     4  owns or operates wind energy system equipment, shall be allowed a credit
     5  against  the tax imposed by this article equal to twenty-five percent of
     6  qualified wind energy system equipment expenditures. This  credit  shall
     7  not exceed seven thousand five hundred dollars.
     8    (b)  Qualified wind energy system equipment expenditures. (i) The term
     9  "qualified wind energy system  equipment  expenditures"  means  expendi-
    10  tures, limited to the expenditure cap prescribed in subparagraph (ii) of
    11  this  paragraph,  for the purchase of wind energy system equipment which
    12  is installed in connection with property which is (A)  located  in  this
    13  state  and  (B)  which  is  used by the taxpayer as his or her principal
    14  premises at the time the wind  energy  system  equipment  is  placed  in
    15  service.
    16    (ii)  For  purposes  of  subparagraph  (i) of this paragraph, the term
    17  "expenditure cap" shall mean the product of (A) six dollars and (B)  the
    18  number of watts included in the rated capacity of the wind energy system
    19  equipment.
    20    (iii) Such qualified expenditures shall include expenditures for mate-
    21  rials,  labor  costs properly allocable to on-site preparation, assembly
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06530-02-6