S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4561
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on Ways and Means
 
 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 (ooo) to read as follows:
   (OOO) 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 TWENTY-
 FOUR, FOR:  CONSTRUCTION OR REHABILITATION; COMMISSIONING COSTS;  INTER-
 EST  PAID  OR INCURRED DURING THE CONSTRUCTION OR REHABILITATION PERIOD;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03789-01-3
              

 A. 4561                             2
 
 LEGAL, ARCHITECTURAL, ENGINEERING AND OTHER PROFESSIONAL FEES  ALLOCABLE
 TO CONSTRUCTION OR REHABILITATION; CLOSING COSTS FOR CONSTRUCTION, REHA-
 BILITATION  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 ELEC-
 TRICAL 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  REFRI-
 GERANT 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, 2025.