Bill Text: NY S04304 | 2013-2014 | General Assembly | Introduced

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Bill Title: Establishes a credit against income tax for wind electric generating equipment expenditures up to $7500.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04304 Detail]

Download: New_York-2013-S04304-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4304
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    March 20, 2013
                                      ___________
       Introduced  by  Sen.  BALL  --  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  credit
         against  tax  for wind electric generating equipment installed on farm
         property
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  606  of  the  tax law is amended by adding a new
    2  subsection (g-3) to read as follows:
    3    (G-3) WIND ELECTRIC GENERATING EQUIPMENT CREDIT; FARM PROPERTY.    (1)
    4  GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
    5  THIS  ARTICLE  EQUAL  TO  TWENTY-FIVE PERCENT OF QUALIFIED WIND ELECTRIC
    6  GENERATING EQUIPMENT EXPENDITURES.  THIS CREDIT SHALL NOT  EXCEED  SEVEN
    7  THOUSAND FIVE HUNDRED DOLLARS.
    8    (2)  QUALIFIED  WIND  ELECTRIC GENERATING EQUIPMENT EXPENDITURES.  (A)
    9  THE TERM "QUALIFIED WIND  ELECTRIC  GENERATING  EQUIPMENT  EXPENDITURES"
   10  MEANS EXPENDITURES, LIMITED TO THE EXPENDITURE CAP SET FORTH IN SUBPARA-
   11  GRAPH  (B) OF THIS PARAGRAPH, FOR THE PURCHASE OF WIND ELECTRIC GENERAT-
   12  ING EQUIPMENT WHICH IS INSTALLED ON FARM PROPERTY WHICH IS  (I)  LOCATED
   13  IN  THIS  STATE  AND  (II)  USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL
   14  PREMISES AT THE TIME THE WIND ELECTRIC GENERATING EQUIPMENT IS PLACED IN
   15  SERVICE.
   16    (B) FOR PURPOSES OF SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH,  THE  TERM
   17  "EXPENDITURE CAP" SHALL MEAN THE PRODUCT OF (I) SIX DOLLARS AND (II) THE
   18  NUMBER  OF  WATTS  INCLUDED  IN  THE RATED CAPACITY OF THE WIND ELECTRIC
   19  GENERATING EQUIPMENT.
   20    (C) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE EXPENDITURES FOR MATERI-
   21  ALS, LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND
   22  ORIGINAL  INSTALLATION,  ARCHITECTURAL  AND  ENGINEERING  SERVICES,  AND
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02392-01-3
       S. 4304                             2
    1  DESIGNS  AND  PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
    2  OF THE WIND ELECTRIC GENERATING EQUIPMENT.
    3    (D)  SUCH  QUALIFIED  EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER
    4  FINANCE CHARGES.
    5    (3) WIND ELECTRIC GENERATING EQUIPMENT. THE TERM "WIND ELECTRIC GENER-
    6  ATING EQUIPMENT" SHALL MEAN EQUIPMENT WHICH, WHEN INSTALLED AT A TAXPAY-
    7  ER'S PREMISES, USES WIND ENERGY FOR THE PURPOSE OF GENERATING  ELECTRIC-
    8  ITY  FOR  USE  AT  SUCH  PREMISES  AND  WHICH  HAS  A RATED CAPACITY FOR
    9  GENERATING ELECTRICITY WHICH DOES NOT EXCEED ONE HUNDRED KILOWATTS.
   10    (4) MULTIPLE TAXPAYERS. WHERE WIND ELECTRIC  GENERATING  EQUIPMENT  IS
   11  PURCHASED  AND  INSTALLED  IN A PRINCIPAL PREMISES SHARED BY TWO OR MORE
   12  TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION  FOR
   13  EACH  SUCH TAXPAYER SHALL BE PRORATED ACCORDING TO THE PERCENTAGE OF THE
   14  TOTAL EXPENDITURE FOR SUCH WIND ELECTRIC GENERATING  EQUIPMENT  CONTRIB-
   15  UTED BY EACH TAXPAYER.
   16    (5)  GRANTS. FOR PURPOSES OF DETERMINING THE AMOUNT OF THE EXPENDITURE
   17  INCURRED IN PURCHASING AND INSTALLING WIND  ELECTRIC  GENERATING  EQUIP-
   18  MENT,  THE  AMOUNT  OF ANY FEDERAL, STATE OR LOCAL GRANT RECEIVED BY THE
   19  TAXPAYER, WHICH WAS USED FOR THE PURCHASE AND/OR  INSTALLATION  OF  SUCH
   20  EQUIPMENT  AND WHICH WAS NOT INCLUDED IN THE FEDERAL GROSS INCOME OF THE
   21  TAXPAYER, SHALL NOT BE INCLUDED IN THE AMOUNT OF SUCH EXPENDITURES.
   22    (6) WHEN CREDIT ALLOWED. THE  CREDIT  PROVIDED  FOR  HEREIN  SHALL  BE
   23  ALLOWED WITH RESPECT TO THE TAXABLE YEAR, COMMENCING ON OR AFTER JANUARY
   24  FIRST,  TWO  THOUSAND  FOURTEEN,  IN  WHICH THE WIND ELECTRIC GENERATING
   25  EQUIPMENT IS PLACED IN SERVICE.
   26    (7) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT,  AND  CARRYOVERS
   27  OF  SUCH  CREDIT,  ALLOWABLE  UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
   28  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
   29  CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE  TAXABLE  YEAR
   30  WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
   31  TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   32    S 2. This act shall take effect immediately.