Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 15, 2014 |
referred to investigations and government operations |
Senate Bill S7449
2013-2014 Legislative Session
Sponsored By
(D) 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-S7449 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง210 & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S1212
2017-2018: S3403
2019-2020: S3592
2013-S7449 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7449 TITLE OF BILL: An act to amend the tax law, in relation to establishing a corporate and a personal income tax credit for wind energy system equipment PURPOSE: Relates to establishing a corporate and a personal income tax credit for wind energy system equipment SUMMARY OF PROVISIONS: Section 1 adds a new subdivision 50 to Section 210 of the tax law to create the wind energy system equipment credit, which will allow custom- er-generators a tax credit of twenty-five percent of qualified expendi- tures on wind electric generating equipment, not to exceed seven thou- sand five hundred dollars Section 2 amends several subsections of section 606 of the tax law Section 3 sets an immediate effective date. JUSTIFICATION: New York has considerable wind energy resources, partic- ularly in the central and western parts of the State. Small wind turbines have been developed for residential and farm applications, which provide a variety of public and private benefits. Wind energy has emerged as a viable clean method for electric generation and can reduce
2013-S7449 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7449 I N S E N A T E May 15, 2014 ___________ Introduced by Sen. GIPSON -- 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 corporate and a personal income tax credit for wind energy system equipment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 50 to read as follows: 50. WIND ENERGY SYSTEM EQUIPMENT CREDIT. (A) GENERAL. A TAXPAYER, WHO OWNS OR OPERATES WIND ENERGY SYSTEM EQUIPMENT, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF QUALIFIED WIND ENERGY SYSTEM EQUIPMENT EXPENDITURES. THIS CREDIT SHALL NOT EXCEED SEVEN THOUSAND FIVE HUNDRED DOLLARS. (B) QUALIFIED WIND ENERGY SYSTEM EQUIPMENT EXPENDITURES. (I) THE TERM "QUALIFIED WIND ENERGY SYSTEM EQUIPMENT EXPENDITURES" MEANS EXPENDI- TURES, LIMITED TO THE EXPENDITURE CAP PRESCRIBED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH, FOR THE PURCHASE OF WIND ENERGY SYSTEM EQUIPMENT WHICH IS INSTALLED IN CONNECTION WITH PROPERTY WHICH IS (A) LOCATED IN THIS STATE AND (B) WHICH IS USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL PREMISES AT THE TIME THE WIND ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE. (II) FOR PURPOSES OF SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE TERM "EXPENDITURE CAP" SHALL MEAN THE PRODUCT OF (A) SIX DOLLARS AND (B) THE NUMBER OF WATTS INCLUDED IN THE RATED CAPACITY OF THE WIND ENERGY SYSTEM EQUIPMENT. (III) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE EXPENDITURES FOR MATE- RIALS, LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL INSTALLATION, ARCHITECTURAL AND ENGINEERING SERVICES, AND DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION OF THE WIND ENERGY SYSTEM EQUIPMENT. (IV) SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15135-01-4
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