Senate Bill S560

2015-2016 Legislative Session

Establishes a personal income tax credit for voltage regulation technology equipment

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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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2015-S560 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S4294
2011-2012: S1055
2013-2014: S1638
2017-2018: S2825
2019-2020: S3594
2021-2022: S3136
2023-2024: S4852

2015-S560 (ACTIVE) - Summary

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

2015-S560 (ACTIVE) - Sponsor Memo

2015-S560 (ACTIVE) - Bill Text download pdf

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

                                   560

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

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.
              

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