NY State Senate Bill 2013-S1638

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2014	referred to investigations and government operations
Jan 09, 2013	referred to investigations and government operations

2013-S1638 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S4294
2011-2012: S1055
2015-2016: S560
2017-2018: S2825
2019-2020: S3594
2021-2022: S3136
2023-2024: S4852

2013-S1638 (ACTIVE) - Summary

Establishes a personal income tax credit for voltage regulation technology equipment.

2013-S1638 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S1638

TITLE  OF  BILL:    An  act  to  amend  the  tax  law,  in relation to
establishing a personal  income  tax  credit  for  voltage  regulation
technology equipment

PURPOSE:    To encourage and establish incentives for the purchase and
use of voltage regulation technologies.

SUMMARY OF PROVISIONS:

Section 606 of the tax law is amended by adding a new subsection  (g3)
voltage   regulation  technology  equipment  credit.  This  subsection
provides a tax  credit  equal  to  twenty-five  percent  of  qualified
voltage   regulation  technology  expenditures,  not  to  exceed  five
thousand dollars. Qualified voltage  regulation  technology  equipment
expenditures  shall  include  expenditures  for materials, labor costs
properly allocable to on-site preparation, assembly and  installation,
engineering  services,  designs  and  plans  directly  related  to the
construction. The credit will be applied to the taxable year in  which
such equipment is placed in service.

JUSTIFICATION:  The State of New York provides incentives to encourage
the   use  of  wind,  solar  and  other  renewable  energies.  Similar
incentives  for  voltage   regulation   technologies   could   improve
efficiency  of the electrical grid and save consumers money. Currently

it is theorized that up to (70%) of homes and businesses receive  more
voltage  than  they need, which results in wasted energy. This wastage
is due  to  "line  loss"  through  the  transmission  system,  because
utilities  have  to  insure  that  the last customer on the line still
receives the necessary amount of energy.

According to the U.S. Department of Energy, approximately (67%) of the
energy in the form of electricity is wasted between the point where it
is generated and enters the electrical grid, and  the  point  where  a
consumer uses the electricity.

However,  recent  technological  advances  have  made  it  possible to
dynamically manage voltage at the point of consumption,  substantially
lowering energy consumption and improving power quality.

The  amortization period to consumers for a residential owner could be
3-5 years without the tax credit. With the  credit  it  could  be  2-3
years, depending upon whether one lived in higher or lower energy cost
section of New York.

LEGISLATIVE   HISTORY:      2011-12:   S.1055/A.5610   -  Referred  to
Investigations  &  Gov't  2009-2010:  S.4294/A.4275  -   Referred   to
investigations & Government Operations

FISCAL  IMPLICATIONS:    The cost for the installation for residential
homes is anticipated to  be  around  $800.  The  cost  for  commercial
business  are anticipated to range from approximately $800 to $15,000,
depending upon the size  of  the  business.  It  is  anticipated  that
residential  owners  will  recoup the cost of the equipment within 3-5
years without tax credit. With such a credit, the return on investment


for residence and business customers is erected to be shorter,  Higher
energy  cost  areas  in  New  York  will experience quicker returns on
investments.

EFFECTIVE DATE:  This act shall take effect immediately.

2013-S1638 (ACTIVE) - Bill Text download pdf

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

                                  1638

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  PARKER -- 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 voltage regulation technology equipment

  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)  VOLTAGE  REGULATION TECHNOLOGY EQUIPMENT CREDIT. (1) GENERAL. A
TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE EQUAL TO TWENTY-FIVE PERCENT OF QUALIFIED VOLTAGE  REGULATION  TECH-
NOLOGY  EXPENDITURES. THIS CREDIT SHALL NOT EXCEED FIVE THOUSAND DOLLARS
FOR QUALIFIED VOLTAGE REGULATION TECHNOLOGY EQUIPMENT.
  (2) QUALIFIED VOLTAGE REGULATION  TECHNOLOGY  EQUIPMENT  EXPENDITURES.
(A)  VOLTAGE  REGULATION TECHNOLOGY EQUIPMENT EXPENDITURES ARE THE COSTS
ASSOCIATED WITH THE PURCHASE OF ON-SITE VOLTAGE REGULATION  TECHNOLOGIES
WHICH REDUCE ENERGY CONSUMPTION, IMPROVE GRID EFFICIENCY, RAISE OR LOWER
VOLTAGE DYNAMICALLY AND ARE NINETY-NINE PERCENT OR MORE EFFICIENT ACROSS
A MINIMUM OF NINETY PERCENT OF THE LOAD CURVE.
  (B)  QUALIFIED  VOLTAGE  REGULATION  TECHNOLOGY EQUIPMENT EXPENDITURES
SHALL INCLUDE EXPENDITURES FOR MATERIALS, LABOR COSTS PROPERLY ALLOCABLE
TO ON-SITE PREPARATION, ASSEMBLY AND INSTALLATION, ENGINEERING SERVICES,
DESIGNS AND PLANS DIRECTLY RELATED TO THE CONSTRUCTION  OR  INSTALLATION
AND UTILITY COMPLIANCE COSTS.
  (C)  SUCH  QUALIFIED  EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER
FINANCE CHARGES.
  (3) MULTIPLE TAXPAYERS. WHERE VOLTAGE REGULATION TECHNOLOGY  EQUIPMENT
IS  PURCHASED  AND  INSTALLED  IN A PRINCIPAL RESIDENCE SHARED BY TWO OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION

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

                                                           LBD02361-01-3

S. 1638                             2

FOR EACH SUCH TAXPAYER SHALL BE PRORATED ACCORDING TO THE PERCENTAGE  OF
THE  TOTAL  EXPENDITURE FOR SUCH VOLTAGE REGULATION TECHNOLOGY EQUIPMENT
CONTRIBUTED BY EACH TAXPAYER.
  (4)  GRANTS. FOR PURPOSES OF DETERMINING THE AMOUNT OF THE EXPENDITURE
INCURRED IN PURCHASING  AND  INSTALLING  VOLTAGE  REGULATION  TECHNOLOGY
EQUIPMENT,  THE  AMOUNT OF ANY FEDERAL, STATE OR LOCAL GRANT RECEIVED BY
THE TAXPAYER, WHICH WAS USED FOR THE  PURCHASE  AND/OR  INSTALLATION  OF
SUCH EQUIPMENT AND WHICH WAS NOT INCLUDED IN THE FEDERAL GROSS INCOME OF
THE TAXPAYER, SHALL NOT BE INCLUDED IN THE AMOUNT OF SUCH EXPENDITURES.
  (5)  WHEN CREDIT ALLOWED. THE CREDIT FOR VOLTAGE REGULATION TECHNOLOGY
EQUIPMENT PROVIDED FOR IN THIS SUBSECTION SHALL BE ALLOWED WITH  RESPECT
TO THE TAXABLE YEAR IN WHICH SUCH EQUIPMENT IS PLACED IN SERVICE.
  (6)  CARRYOVER  OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS
OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION  FOR  ANY  TAXABLE  YEAR
SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  S 2. This act shall take effect immediately.

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Senate Bill S1638

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2013-S1638 (ACTIVE) - Details

2013-S1638 (ACTIVE) - Summary

2013-S1638 (ACTIVE) - Sponsor Memo

2013-S1638 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1638

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Sponsored By

Kevin S. Parker

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2013-S1638 (ACTIVE) - Details

2013-S1638 (ACTIVE) - Summary

2013-S1638 (ACTIVE) - Sponsor Memo

2013-S1638 (ACTIVE) - Bill Text download pdf

Comments