Assembly Bill A292

2023-2024 Legislative Session

Relates to increasing the tax credit provided for solar energy system equipment

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A292 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9090
2013-2014: A1782
2015-2016: A9132
2017-2018: A5646
2019-2020: A6420
2021-2022: A4353

2023-A292 (ACTIVE) - Summary

Relates to increasing the tax credit provided for solar energy system equipment from $5,000 to $10,000.

2023-A292 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    292
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 4, 2023
                                ___________
 
 Introduced  by M. of A. WALKER -- Multi-Sponsored by -- M. of A. COLTON,
   SIMON -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to increasing  the  tax  credit
   provided  for solar energy system equipment from five thousand dollars
   to ten thousand dollars

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph 1 of subsection (g-1) of section 606 of the tax
 law, as amended by chapter 375 of the laws of 2012, is amended  to  read
 as follows:
   (1)  General. An individual taxpayer shall be allowed a credit against
 the tax imposed by this article equal to twenty-five percent  of  quali-
 fied  solar  energy system equipment expenditures, except as provided in
 subparagraph (D) of paragraph two of this subsection. This credit  shall
 not  exceed  three  thousand  seven  hundred fifty dollars for qualified
 solar energy equipment placed in service  before  September  first,  two
 thousand  six,  and  five  thousand  dollars  for qualified solar energy
 equipment placed in service on or after September  first,  two  thousand
 six  AND  PRIOR  TO  SEPTEMBER FIRST, TWO THOUSAND TWENTY-THREE, AND TEN
 THOUSAND DOLLARS FOR QUALIFIED SOLAR ENERGY EQUIPMENT PLACED IN  SERVICE
 ON OR AFTER SEPTEMBER FIRST, TWO THOUSAND TWENTY-THREE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2023.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00996-01-3

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