NY State Senate Bill 2017-S1929

Senate Bill S1929

2017-2018 Legislative Session

Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to investigations and government operations
Jan 11, 2017	referred to investigations and government operations

2017-S1929 (ACTIVE) - Details

See Assembly Version of this Bill:: A6466
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S6560
2019-2020: A1319
2021-2022: A4425
2023-2024: A4561
2025-2026: A2040

2017-S1929 (ACTIVE) - Summary

Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards.

2017-S1929 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S1929

 TITLE OF BILL :  An act to amend the tax law, in relation to
establishing the green building credit

 PURPOSE OR GENERAL IDEA OF BILL :

The current tax credits available for "green buildings" are largely
inaccessible to individual homeowners because of their complexity.
This legislation simplifies the process by permitting individual
homeowners to receive Leadership in Energy & Environmental Design
(LEED) or National Association of Home Builders (NAHB) certification
for green homes and then use that certification to apply for the
existing green buildings tax credits.

 SUMMARY OF PROVISIONS :

Section 1 - amends the section 606 of the tax law by creating a new
subsection (ccc) which permits homeowners who have homes certified as
LEED or NAHB green to receive a tax credit. The credit shall not
exceed $10,000 a year and may only be claimed by an individual
taxpayer once every 10 years.

Section 2 - Effective Date, January 1, 2017.

 JUSTIFICATION :

One of the barriers to green homes is the perceived high cost of
construction and up-front costs. The National Association of
Homebuilders reports that demand for green homes continues to rise.
In 2011, the green market for homes represented about 17% of overall
market share. The overall share of the market is estimated to increase
anywhere from 29% to 38%. According to NAHB, 61% of costumers are
willing to pay a higher cost for new green construction, and 66% of
costumers are willing to pay a higher cost for remolded green homes;

In order to spur the development of green homes in New York, this tax
credit will enable homeowners to recoup some of the up-front costs of
"greening" their homes. The benefits to homeowners include lower
energy costs, higher property values, and a more sustainable home.

 PRIOR LEGISLATIVE HISTORY :

2015-16: S.6560

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS :

To be determined

 EFFECTIVE DATE :
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2017.

2017-S1929 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1929
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sen.  AVELLA -- 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  the  green
   building credit
 
   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 (ccc) to read as follows:
   (CCC) GREEN BUILDING CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
 BE  ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE PROVIDED
 THAT SUCH TAXPAYER CONSTRUCTS OR  REHABILITATES  QUALIFYING  RESIDENTIAL
 REAL PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS ESTABLISHED
 BY THE NATIONAL ASSOCIATION OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
 AND  ENVIRONMENTAL  DESIGN  RATING SYSTEM DEVELOPED BY THE UNITED STATES
 GREEN BUILDING COUNCIL AND FASHIONS PROOF  THEREOF  IN  ACCORDANCE  WITH
 RULES  AND REGULATIONS PROMULGATED BY THE COMMISSIONER OF THE DEPARTMENT
 OF ENVIRONMENTAL CONSERVATION IN CONJUNCTION WITH THE COMMISSIONER.
   (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO  THE
 ALLOWABLE  COSTS  PAID  OR  INCURRED  BY THE TAXPAYER, IF THE OWNER, FOR
 EITHER THE CONSTRUCTION OR REHABILITATION OF QUALIFYING RESIDENTIAL REAL
 PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS  ESTABLISHED  BY
 THE  NATIONAL  ASSOCIATION  OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
 AND ENVIRONMENTAL DESIGN RATING SYSTEM DEVELOPED BY  THE  UNITED  STATES
 GREEN  BUILDING  COUNCIL;  PROVIDED, HOWEVER, THAT SUCH CREDIT SHALL NOT
 EXCEED TEN THOUSAND DOLLARS AND SHALL NOT BE AWARDED MORE THAN ONCE IN A
 PERIOD OF TEN YEARS.
   (3) FOR THE  PURPOSE  OF  THIS  SUBSECTION,  "ALLOWABLE  COSTS"  MEANS
 AMOUNTS  PROPERLY  CHARGEABLE TO AN ACCOUNT (OTHER THAN FOR LAND), WHICH
 ARE PAID OR INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND  SEVENTEEN,
 FOR:  CONSTRUCTION OR REHABILITATION; COMMISSIONING COSTS; INTEREST PAID
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD01192-01-7

 S. 1929                             2
 
 OR  INCURRED  DURING  THE  CONSTRUCTION OR REHABILITATION PERIOD; LEGAL,
 ARCHITECTURAL, ENGINEERING AND  OTHER  PROFESSIONAL  FEES  ALLOCABLE  TO
 CONSTRUCTION OR REHABILITATION; CLOSING COSTS FOR CONSTRUCTION, REHABIL-
 ITATION OR MORTGAGE LOANS; RECORDING TAXES AND FILING FEES INCURRED WITH
 RESPECT TO CONSTRUCTION OR REHABILITATION; SITE COSTS (SUCH AS TEMPORARY
 ELECTRIC WIRING, SCAFFOLDING, DEMOLITION COSTS, AND FENCING AND SECURITY
 FACILITIES);  AND  COSTS  OF FURNITURE, CARPETING, PARTITIONS, WALLS AND
 WALL COVERINGS, CEILINGS, DRAPES, BLINDS, LIGHTING, PLUMBING, ELECTRICAL
 WIRING AND VENTILATION; PROVIDED THAT SUCH COSTS SHALL NOT  INCLUDE  THE
 COST  OF  TELEPHONE  SYSTEMS AND COMPUTERS (OTHER THAN ELECTRICAL WIRING
 COSTS) AND SHALL NOT INCLUDE THE COST  OF  FUEL  CELLS  OR  PHOTOVOLTAIC
 MODULES  (INCLUDING  INSTALLATION)  OR  THE COST OF NEW AIR CONDITIONING
 EQUIPMENT USING AN EPA-APPROVED NON-OZONE DEPLETING REFRIGERANT OR OTHER
 EPA-APPROVED REFRIGERANT APPROVED BY THE COMMISSIONER  OF  ENVIRONMENTAL
 CONSERVATION (EXCLUDING INSTALLATION).
   (4)  FOR  THE PURPOSES OF THIS SUBSECTION "QUALIFYING RESIDENTIAL REAL
 PROPERTY" SHALL MEAN THE PRINCIPAL PLACE OF RESIDENCE OF  AN  INDIVIDUAL
 TAXPAYER  WHO  CLAIMS A CREDIT PURSUANT TO THIS SUBSECTION. IN THE EVENT
 THAT SUCH PLACE OF RESIDENCE IS  A  MULTIPLE  DWELLING,  AS  DEFINED  BY
 SUBDIVISION  SEVEN  OF SECTION FOUR OF THE MULTIPLE DWELLING LAW, ALLOW-
 ABLE  COSTS  SHALL  ONLY  CONSTITUTE  THOSE  COSTS   INCURRED   DUE   TO
 CONSTRUCTION OR REHABILITATION UNDERTAKEN ON THE PORTION OF THE DWELLING
 THAT CONSTITUTES AN INDIVIDUAL TAXPAYER'S UNIT.
   (5)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
 MAY  BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS FOR UP TO FIVE YEARS
 AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (6) THE COMMISSIONER OF THE DEPARTMENT OF ENVIRONMENTAL  CONSERVATION,
 IN  CONJUNCTION  WITH  THE COMMISSIONER, SHALL PROMULGATE SUCH RULES AND
 REGULATIONS AS MAY BE NECESSARY  FOR  THE  DISTRIBUTION  OF  THE  CREDIT
 ESTABLISHED BY THIS SUBSECTION.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2017.

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