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 - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S05106 Detail]
Download: New_York-2019-S05106-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5106--A 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. LBD11113-02-9S. 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.
