Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 08, 2014 |
referred to investigations and government operations |
Mar 20, 2013 |
referred to investigations and government operations |
Senate Bill S4304
2013-2014 Legislative Session
Sponsored By
(R, C, IP) 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
2013-S4304 (ACTIVE) - Details
2013-S4304 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4304 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against tax for wind electric generating equipment installed on farm property PURPOSE: The purpose of this bill is to allow farmers to provide for on-site wind electric generation facilities and receive a tax credit. SUMMARY OF PROVISIONS: Section 1 of the bill amends the tax law by creating the wind electric generating equipment tax credit of up to $7,500.00. It also defines the qualified wind electric generating equipment expenditures: sets a cap on wattage; and limits the credit to generating capacity of 100 K/W. JUSTIFICATION: Electric energy costs are a significant component of farm economics. On-site generation can be effective not only to reduce energy cost but also to protect farmers from the devastating costs of natural disasters.
2013-S4304 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4304 2013-2014 Regular Sessions I N S E N A T E March 20, 2013 ___________ Introduced by Sen. BALL -- 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 credit against tax for wind electric generating equipment installed on farm property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (g-3) to read as follows: (G-3) WIND ELECTRIC GENERATING EQUIPMENT CREDIT; FARM PROPERTY. (1) GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF QUALIFIED WIND ELECTRIC GENERATING EQUIPMENT EXPENDITURES. THIS CREDIT SHALL NOT EXCEED SEVEN THOUSAND FIVE HUNDRED DOLLARS. (2) QUALIFIED WIND ELECTRIC GENERATING EQUIPMENT EXPENDITURES. (A) THE TERM "QUALIFIED WIND ELECTRIC GENERATING EQUIPMENT EXPENDITURES" MEANS EXPENDITURES, LIMITED TO THE EXPENDITURE CAP SET FORTH IN SUBPARA- GRAPH (B) OF THIS PARAGRAPH, FOR THE PURCHASE OF WIND ELECTRIC GENERAT- ING EQUIPMENT WHICH IS INSTALLED ON FARM PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL PREMISES AT THE TIME THE WIND ELECTRIC GENERATING EQUIPMENT IS PLACED IN SERVICE. (B) FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE TERM "EXPENDITURE CAP" SHALL MEAN THE PRODUCT OF (I) SIX DOLLARS AND (II) THE NUMBER OF WATTS INCLUDED IN THE RATED CAPACITY OF THE WIND ELECTRIC GENERATING EQUIPMENT. (C) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE EXPENDITURES FOR MATERI- ALS, LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02392-01-3
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