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.
              

                                                           LBD06911-01-5

S. 560                              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.