Bill Text: NY S03782 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to providing a tax credit to corporations that purchase qualified green construction equipment equivalent to thirty percent of the total expenses incurred during the taxable year in purchasing such equipment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S03782 Detail]

Download: New_York-2019-S03782-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3782
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 14, 2019
                                       ___________
        Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
        AN ACT to amend the tax law, in relation to providing a  tax  credit  to
          corporations that purchase qualified green construction 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 53 to read as follows:
     3    53.  Green  construction tax credit. (a) A taxpayer located within the
     4  state shall be allowed a credit, to be computed as hereinafter provided,
     5  against the tax imposed by this article. The amount of the credit  shall
     6  be  equal  to  thirty  percent of the total expenses incurred during the
     7  taxable year in purchasing qualified green construction equipment.
     8    (b)  For  the  purposes  of   this   subdivision,   "qualified   green
     9  construction   equipment"  shall  be  defined  as  heavy-duty  vehicles,
    10  purchased  within  the   state,   specially   designed   for   executing
    11  construction  tasks  and  earthwork operations including heavy machines,
    12  heavy trucks, construction equipment, engineering equipment, heavy vehi-
    13  cles or heavy hydraulics.   Qualified green  construction  equipment  is
    14  prohibited from:
    15    (i) producing greenhouse gas emissions;
    16    (ii) utilizing fossil fuels; and
    17    (iii) emitting toxic chemicals.
    18    (c)  The  credit  allowed  under this subdivision for any taxable year
    19  shall not reduce the tax due for such  year  to  less  than  the  amount
    20  prescribed  in  paragraph  (d) of subdivision one of section two hundred
    21  ten of this article.
    22    (d) The aggregate amount of tax credits allowed under this subdivision
    23  in any calendar year statewide shall be ten million dollars. Such aggre-
    24  gate amount of credits shall be allocated pursuant to  rules  and  regu-
    25  lations promulgated by the commissioner.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04273-01-9
        S. 3782                             2
     1    (e)  The  commissioner shall determine the procedure for certification
     2  for the credit authorized pursuant to this subdivision.
     3    § 2. This act shall take effect immediately and shall apply to taxable
     4  years commencing on or after such effective date.