Bill Text: NY S05744 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 5744 (Prior Session Legislation)

Introduced

Bill Title: Establishes a personal income tax credit for the purchase and installation of new residential energy storage systems.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05744 Detail]

Download: New_York-2015-S05744-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5744
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     June 1, 2015
                                      ___________
       Introduced  by  Sen.  GRIFFO -- 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  personal
         income  tax credit for the purchase and installation of a new residen-
         tial energy storage system
         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) CREDIT FOR RESIDENTIAL ENERGY STORAGE SYSTEMS.  (1)  GENERAL.  A
    4  TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
    5  CLE  FOR  THE  PURCHASE  AND INSTALLATION OF A NEW QUALIFIED RESIDENTIAL
    6  ENERGY STORAGE SYSTEM BY THE TAXPAYER IN HIS OR HER PRIMARY OR SECONDARY
    7  RESIDENCE LOCATED IN THIS STATE. THE AMOUNT OF THE CREDIT SHALL BE TWEN-
    8  TY-FIVE PERCENT OF THE EXPENDITURE INCURRED IN PURCHASING AND INSTALLING
    9  A NEW QUALIFIED RESIDENTIAL STORAGE SYSTEM, BUT NOT TO EXCEED THE  MAXI-
   10  MUM CREDIT OF SEVEN THOUSAND DOLLARS.
   11    (2)  ENERGY STORAGE DEVICE. AN ENERGY STORAGE DEVICE IS A COMMERCIALLY
   12  AVAILABLE ENERGY STORAGE DEVICE OF A NON  LEAD  ACID  TYPE,  CAPABLE  OF
   13  COLLECTING ENERGY, STORING SUCH ENERGY FOR A PERIOD OF TIME, IS SUITABLE
   14  FOR INDOOR OR OUTDOOR USE, AND IS MANUFACTURED BY A MANUFACTURER OR SOLD
   15  BY A DISTRIBUTOR WHICH HAS A BATTERY RETURN OR RECYCLING PROGRAM.
   16    (3)  NEW  QUALIFIED RESIDENTIAL ENERGY STORAGE SYSTEM. A NEW QUALIFIED
   17  RESIDENTIAL ENERGY STORAGE SYSTEM IS A SYSTEM WHOSE ORIGINAL  USE  BEGAN
   18  WITH THE TAXPAYER WHICH IS COMPOSED OF AN ENERGY STORAGE DEVICE OR ENER-
   19  GY STORAGE DEVICES THAT ARE CONNECTED TO ANY NEW OR EXISTING SOLAR ELEC-
   20  TRIC  GENERATING  EQUIPMENT,  AS DEFINED IN PARAGRAPH (D) OF SUBDIVISION
   21  ONE OF SECTION SIXTY-SIX-J OF THE PUBLIC SERVICE LAW, FUEL CELL ELECTRIC
   22  GENERATING EQUIPMENT, AS DEFINED IN PARAGRAPH (G) OF SUBDIVISION ONE  OF
   23  SECTION SIXTY-SIX-J OF THE PUBLIC SERVICE LAW, OR WIND ELECTRIC GENERAT-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10933-01-5
       S. 5744                             2
    1  ING EQUIPMENT, AS DEFINED IN PARAGRAPH (F) OF SUBDIVISION ONE OF SECTION
    2  SIXTY-SIX-1  OF  THE  PUBLIC SERVICE LAW, WHICH CAN BE EITHER ON GRID OR
    3  OFF GRID AND IS CAPABLE OF DELIVERING ELECTRIC POWER FOR RESIDENTIAL USE
    4  FOR A PERIOD OF TIME AT NOT LESS THAN THREE KILOWATT HOURS UNDER CERTAIN
    5  LOADING CONDITIONS.
    6    (4) MULTIPLE TAXPAYERS. WHERE A NEW QUALIFIED RESIDENTIAL ENERGY STOR-
    7  AGE  SYSTEM  IS  PURCHASED AND INSTALLED IN A RESIDENCE SHARED BY TWO OR
    8  MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
    9  FOR EACH SUCH TAXPAYER SHALL BE PRORATED ACCORDING TO THE TOTAL EXPENDI-
   10  TURE FOR SUCH SYSTEM CONTRIBUTED BY EACH TAXPAYER.
   11    (5) WHEN CREDIT ALLOWED. THE CREDIT PROVIDED FOR  IN  THIS  SUBSECTION
   12  SHALL BE ALLOWED WITH RESPECT TO THE TAXABLE YEAR IN WHICH THE NEW QUAL-
   13  IFIED RESIDENTIAL ENERGY STORAGE SYSTEM IS PLACED IN SERVICE.
   14    (6) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT AND CARRYOVERS OF
   15  SUCH  CREDIT  ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL
   16  EXCEED THE TAXPAYER'S TAX FOR SUCH  YEAR,  SUCH  EXCESS  AMOUNT  MAY  BE
   17  CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
   18  WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
   19  TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   20    S 2. This act shall take effect immediately, and shall  apply  to  the
   21  tax year in which it shall take effect and all subsequent tax years.