Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 02, 2010 |
referred to investigations and government operations |
Senate Bill S8025
2009-2010 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S8025 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Versions Introduced in 2011-2012 Legislative Session:
-
S149
2009-S8025 (ACTIVE) - Sponsor Memo
BILL NUMBER:S8025 TITLE OF BILL: An act to amend the tax law, in relation to tax credits provided for solar energy system equipment PURPOSE: The purpose of this legislation is encourage homeowners to install and utilize solar energy equipment by allowing individuals who lease such equipment or purchase power under a written agreement with a third party to benefit from a solar equipment tax credit. SUMMARY OF PROVISIONS: Section 1. Allows a taxpayer to qualify for a solar equipment tax credit in cases where the lease of solar equipment under a written agreement spans at least ten years or a power purchase agreement of at least ten years from a third party is in force. Additionally this section includes and clarifies expenditures for the lease of solar energy system equipment. JUSTIFICATION: As we continue to move toward a greener economy it is very important that residents be encouraged to utilize renewable forms of energy. This should be true whether the taxpayer can afford to purchase and install renewable generation such as solar equipment or if it is more feasible for the individual to lease the equipment or contract with a
2009-S8025 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8025 I N S E N A T E June 2, 2010 ___________ Introduced by Sen. MAZIARZ -- 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 tax credits provided for solar energy system equipment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subsection (g-1) of section 606 of the tax law, as amended by chapter 378 of the laws of 2005 and subparagraph (B) as amended by chapter 251 of the laws of 2006, is amended to read as follows: (2) Qualified solar energy system equipment expenditures. (A) The term "qualified solar energy system equipment expenditures" means expendi- tures for: (I) the purchase of solar energy system equipment which is installed in connection with residential property which is [(i)] (I) located in this state and [(ii)] (II) which is used by the taxpayer as his or her principal residence at the time the solar energy system equipment is placed in service; (II) THE LEASE OF SOLAR ENERGY SYSTEM EQUIPMENT UNDER A WRITTEN AGREE- MENT THAT SPANS AT LEAST TEN YEARS WHERE SUCH EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER IS INSTALLED IN CONNECTION WITH RESIDEN- TIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; OR (III) THE PURCHASE OF POWER UNDER A WRITTEN AGREEMENT THAT SPANS AT LEAST TEN YEARS WHEREUNDER THE POWER PURCHASED IS GENERATED BY SOLAR ENERGY SYSTEM EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER WHICH IS INSTALLED IN CONNECTION WITH RESIDENTIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE. (B) Such qualified expenditures shall include expenditures for materi- als, labor costs properly allocable to on-site preparation, assembly and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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