Bill Text: NY S05106 | 2019-2020 | General Assembly | Amended

Bill Title: Relates to credits against tax for homeowners and businesses who invest in green infrastructure.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-16 - PRINT NUMBER 5106A [S05106 Detail]

Download: New_York-2019-S05106-Amended.html

                STATE OF NEW YORK


                               2019-2020 Regular Sessions

                    IN SENATE

                                      April 9, 2019

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Budget  and  Revenue  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee

        AN ACT to amend the tax law, in relation  to  credits  against  tax  for
          homeowners and businesses who invest in green infrastructure

          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 (kkk) to read as follows:
     3    (kkk)  Credit for homeowners and businesses to invest in green infras-
     4  tructure. (1) Homeowners who construct green infrastructure as  part  of
     5  their  real  property,  during  the  taxable  year, shall be eligible to
     6  receive  a  tax  credit  for  up  to  fifty  percent  of  the  cost   of
     7  construction, not exceeding ten thousand dollars.
     8    (2)  Businesses  who  construct  green infrastructure as part of their
     9  real property, during the taxable year, shall be eligible to  receive  a
    10  tax  credit  for  up  to  fifty percent of the cost of construction, not
    11  exceeding ten thousand dollars.
    12    (3) For purposes of this subsection, the following  definitions  shall
    13  apply:
    14    (a)  "Homeowner"  is defined as a New York resident for the past twen-
    15  ty-four months and who owns a single family or multi-family dwelling for
    16  residential purposes within New York state.
    17    (b) "Business" shall mean any business whose principal place of  busi-
    18  ness is located in New York state, and has been located in the state for
    19  the previous thirty-six months.
    20    (c)  "Green  infrastructure"  shall mean any cost-effective, resilient
    21  approach to managing wet weather impacts that  provides  many  community
    22  benefits.  For example, while single-purpose gray stormwater infrastruc-
    23  ture, conventional  piped  drainage  and  water  treatment  systems  are

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

        S. 5106--A                          2

     1  designed to move urban stormwater away from the built environment, green
     2  infrastructure  reduces and treats stormwater at its source while deliv-
     3  ering environmental, social and economic benefits.  Green infrastructure
     4  shall  include  but not be limited to downspout disconnection, rainwater
     5  harvesting, rain gardens, planter boxes, permeable pavements, and  green
     6  roofs.
     7    (d)  "Downspout  disconnection"  shall  mean a practice which reroutes
     8  rooftop drainage pipes from draining rainwater into the storm  sewer  to
     9  draining it into rain barrels, cisterns, or permeable areas.
    10    (e)  "Rainwater  harvesting"  shall  mean  a system which collects and
    11  stores rainfall for later use.  When designed appropriately,  they  slow
    12  and reduce runoff and provide a source of water.
    13    (f) "Rain gardens" shall mean versatile features that can be installed
    14  in  almost any unpaved space. Also known as bioretention or bioinfiltra-
    15  tion cells, rain gardens are shallow, vegetated basins that collect  and
    16  absorb  runoff  from  rooftops,  sidewalks,  and  streets. This practice
    17  mimics natural hydrology by infiltrating, and evaporating and  transpir-
    18  ing, or "evapotranspiring," stormwater runoff.
    19    (g)  "Planter boxes" shall mean urban rain gardens with vertical walls
    20  and either open or closed bottoms. They collect and absorb  runoff  from
    21  sidewalks,  parking  lots  and  streets  and are ideal for space-limited
    22  sites in dense urban areas and as a streetscaping element.
    23    (h) "Permeable pavements" shall mean pavements which infiltrate, treat
    24  and/or store rainwater where it falls. Such pavements  can  be  made  of
    25  pervious  concrete,  porous  asphalt,  or permeable interlocking pavers.
    26  This practice could be particularly cost effective where land values are
    27  high and flooding or icing is a problem.
    28    (i) "Green roofs" shall mean roofs  covered  with  growing  media  and
    29  vegetation  that  enable rainfall infiltration and evapotranspiration of
    30  stored water. Such roofs are particularly cost-effective in dense  urban
    31  areas  where  land  values  are  high  and on large industrial or office
    32  buildings where stormwater management costs are likely to be high.
    33    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
    34  sion 54 to read as follows:
    35    54.  Green  infrastructure  tax  credit.  (a)  A qualified business as
    36  defined by subsection (kkk) of section six hundred six of  this  chapter
    37  shall  be entitled to a credit against tax imposed by this article.  The
    38  amount of the credit shall be  up  to  fifty  percent  of  the  cost  of
    39  construction, not exceeding five thousand dollars.
    40    (b) Carryover. The credit allowed under this subdivision for any taxa-
    41  ble  year  shall  not  reduce the tax due for that year to less than the
    42  amount prescribed in paragraph (d) of subdivision  one  of  section  two
    43  hundred  ten  of  this article. However, if the amount of credit allowed
    44  under this subdivision for any taxable year  reduces  the  tax  to  such
    45  amount,  or if the taxpayer otherwise pays tax based on the fixed dollar
    46  minimum amount, any amount of credit thus not deductible in that taxable
    47  year will be treated as an overpayment of tax to be credited or refunded
    48  in accordance with the provisions of section one thousand eighty-six  of
    49  this  chapter.    Provided, however, the provisions of subsection (c) of
    50  section one thousand eighty-eight of this  chapter  notwithstanding,  no
    51  interest will be paid thereon.
    52    § 3. This act shall take effect immediately and shall apply to taxable
    53  years commencing on and after such date.