Senate Bill S4192

2011-2012 Legislative Session

Provides a tax deduction for the installation of mechanical insulation property

download bill text pdf

Sponsored By

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

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2011-S4192 (ACTIVE) - Details

See Assembly Version of this Bill:
A6679
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S2499, A4414
2015-2016: S4766, A691
2017-2018: S950, A1692

2011-S4192 (ACTIVE) - Summary

Provides a tax deduction for the installation of mechanical insulation property in any taxable year; provides that such deduction shall be for the lesser of 30% of the cost of such property or the excess in energy savings provided by such property.

2011-S4192 (ACTIVE) - Sponsor Memo

2011-S4192 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4192

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 23, 2011
                               ___________

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 providing  a  tax  deduction
  for the installation of mechanical insulation property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 27 to read as follows:
  (27) THE APPLICABLE PERCENTAGE OF THE COST  OF  MECHANICAL  INSULATION
PROPERTY PLACED IN SERVICE DURING THE TAXABLE YEAR.
  (A) FOR THE PURPOSES OF THIS PARAGRAPH:
  (I) "APPLICABLE PERCENTAGE" SHALL MEAN THE LESSER OF:
  (I)  THIRTY  PERCENT OF THE COST OF THE MECHANICAL INSULATION PROPERTY
PLACED IN SERVICE; OR
  (II) THE EXCESS, IF ANY, OF (A) THE ENERGY  SAVINGS,  EXPRESSED  AS  A
PERCENTAGE,  OBTAINED  BY PLACING SUCH MECHANICAL INSULATION PROPERTY IN
SERVICE IN CONNECTION WITH A MECHANICAL  SYSTEM,  OVER  (B)  THE  ENERGY
SAVINGS, EXPRESSED AS A PERCENTAGE, SUCH PROPERTY IS REQUIRED TO MEET BY
STANDARD  90.1-2007,  DEVELOPED AND PUBLISHED BY THE AMERICAN SOCIETY OF
HEATING, REFRIGERATING AND AIR-CONDITIONING ENGINEERS.
  (II) "COST" SHALL INCLUDE:
  (I) THE AMOUNTS PAID OR INCURRED FOR THE INSTALLATION OF SUCH  MECHAN-
ICAL INSULATION PROPERTY;
  (II)  EXPENDITURES  FOR LABOR COSTS PROPERLY ALLOCABLE TO THE PREPARA-
TION, ASSEMBLY AND INSTALLATION OF MECHANICAL INSULATION PROPERTY; AND
  (III) IN THE CASE OF REMOVAL AND DISPOSAL OF THE OLD MECHANICAL  INSU-
LATION  PROPERTY, THIRTY PERCENT OF THE COST OF THE NEW MECHANICAL INSU-
LATION PROPERTY, DETERMINED WITHOUT REGARD TO THE TAX CREDIT  AUTHORIZED
BY THIS SUBSECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09957-02-1

              

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