NY State Senate Bill 2021-S3136

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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 05, 2022	referred to budget and revenue
Jan 27, 2021	referred to budget and revenue

2021-S3136 (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S4294
2011-2012: S1055
2013-2014: S1638
2015-2016: S560
2017-2018: S2825
2019-2020: S3594
2023-2024: S4852

2021-S3136 (ACTIVE) - Summary

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

2021-S3136 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3136

SPONSOR: PARKER
 
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 volt-
age 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 regu-
lation 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 regu-
lation 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 trans-
mission 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 dynam-
ically manage voltage at the point of consumption, substantially lower-
ing 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:

2019-20: Referred to Budget and Revenue
2017/18: S2825 - Referred to Investigations & Gov't Operations
2015-16: S.560 - Referred to Investigations & Gov't Operations
2013-14: S.1638 - Referred to Investigations & Gov't Operations
2011-12: S.1055/A.5610 - Referred to Investigations & Gov't Operations
2009-10: S.4294/A.4275 - Referred to investigations & Gov't 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 busi-
ness. 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.

2021-S3136 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3136
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 27, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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
 FOR EACH SUCH TAXPAYER SHALL BE PRORATED ACCORDING TO THE PERCENTAGE  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07351-01-1

 S. 3136                             2
 
 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.
   § 2. This act shall take effect immediately.

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Senate Bill S3136

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

2021-S3136 (ACTIVE) - Details

2021-S3136 (ACTIVE) - Summary

2021-S3136 (ACTIVE) - Sponsor Memo

2021-S3136 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S3136

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Sponsored By

Kevin S. Parker

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

2021-S3136 (ACTIVE) - Details

2021-S3136 (ACTIVE) - Summary

2021-S3136 (ACTIVE) - Sponsor Memo

2021-S3136 (ACTIVE) - Bill Text download pdf

Comments