Bill Text: NY S03591 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for developers utilizing renewable energy sources in affordable housing units.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03591 Detail]

Download: New_York-2019-S03591-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3591
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 11, 2019
                                       ___________
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to establishing  a  tax  credit
          for  developers utilizing renewable energy sources in affordable hous-
          ing units
          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 44 to read
     2  as follows:
     3    § 44. Credit for utilizing renewable energy sources.  (a)  General.  A
     4  taxpayer subject to tax under article nine-A or twenty-two of this chap-
     5  ter,  who  is  a developer who uses renewable sources of energy, as such
     6  term is defined in subdivision twelve of section  1-103  of  the  energy
     7  law, during the construction of an affordable housing facility, shall be
     8  allowed a credit against such taxes in an amount of two thousand dollars
     9  per qualified unit and pursuant to the provisions referenced in subdivi-
    10  sion (c) of this section.
    11    (b) Definitions. (1) "Affordable housing facility" shall mean a build-
    12  ing  containing ten or more units, ninety percent of which are qualified
    13  units.
    14    (2) "Qualified unit" shall mean any unit within an affordable  housing
    15  facility that uses renewable sources of energy and is occupied by one or
    16  more  people  whose total income is less than one hundred percent of the
    17  area median income.
    18    (c) Cross-references. For application of the credit  provided  for  in
    19  this section, see the following provisions of this chapter:
    20    (1) Article 9-A: Section 210-B, subdivision 53.
    21    (2) Article 22: Section 606, subsections (i) and (jjj).
    22    §  2. Section 210-B of the tax law is amended by adding a new subdivi-
    23  sion 53 to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09569-01-9
        S. 3591                             2
     1    53. Credit for utilizing renewable energy sources. A taxpayer shall be
     2  allowed a credit, to be computed as provided in  section  forty-four  of
     3  this chapter, against the tax imposed by this article. In no event shall
     4  the  credit  allowed  under this subdivision for any taxable year reduce
     5  the  tax  due  for such year to less than the amount prescribed in para-
     6  graph (d) of subdivision one of section two hundred ten of this article.
     7  However, if the amount of credit allowed under this subdivision for  any
     8  taxable  year  reduces the tax to such amount, any amount of credit thus
     9  not deductible in such taxable year shall be treated as  an  overpayment
    10  of  tax  to be credited or refunded in accordance with the provisions of
    11  section one thousand eighty-six of this chapter. Provided, however,  the
    12  provisions  of  subsection  (c)  of section one thousand eighty-eight of
    13  this chapter notwithstanding, no interest shall be paid thereon.
    14    § 3. Section 606 of the tax law is amended by adding a new  subsection
    15  (jjj) to read as follows:
    16    (jjj)  Credit for utilizing renewable energy sources. A taxpayer shall
    17  be allowed a credit, to be computed as provided for  in  section  forty-
    18  four  of  this  chapter, against the tax imposed by this article. If the
    19  amount of the credit allowed under this subsection for any taxable  year
    20  shall  exceed  the  taxpayer's  tax  for  such year, the excess shall be
    21  treated as an overpayment of tax to be credited or refunded  in  accord-
    22  ance with the provisions of section six hundred eighty-six of this arti-
    23  cle, provided, however, that no interest shall be paid thereon.
    24    §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    25  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    26  follows:
    27  (xliv) Credit for utilizing renewable             Amount of credit under
    28  energy sources under subsection (jjj)             subdivision fifty-three
    29                                                    of section two hundred
    30                                                    ten-B
    31    § 5. This act shall take effect immediately.