S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8588--A
 
                           I N  A S S E M B L Y
 
                             January 12, 2024
                                ___________
 
 Introduced  by  M.  of A. RIVERA, SIMON, LUNSFORD, STERN, BURKE, KELLES,
   GUNTHER, SHIMSKY, ARDILA, WALLACE, HEVESI, WEPRIN,  BICHOTTE HERMELYN,
   McDONALD,  SEAWRIGHT,  CONRAD,  COLTON,  PAULIN,  DINOWITZ,  SHRESTHA,
   ZEBROWSKI, SIMONE, TAPIA, GALLAGHER, FAHY -- Multi-Sponsored by --  M.
   of  A.    LEVENBERG -- read once and referred to the Committee on Ways
   and Means -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to  amend the tax law, in relation to geothermal energy systems
   tax credits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs  1 and 9 of subsection (g-4) of section 606 of
 the tax law, as added by section 1 of part FF of chapter 59 of the  laws
 of 2022, are 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  geothermal  energy  system  expenditures,  except  as  provided in
 subparagraph (D) of paragraph two of this subsection, not to exceed five
 thousand dollars FOR  QUALIFIED  GEOTHERMAL  ENERGY  SYSTEMS  PLACED  IN
 SERVICE  BEFORE  JUNE THIRTIETH, TWO THOUSAND TWENTY-FOUR, AND TEN THOU-
 SAND DOLLARS FOR QUALIFIED GEOTHERMAL ENERGY EQUIPMENT PLACED IN SERVICE
 ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR.
   (9) Carryover of credit AND REFUNDABILITY. If the amount of the  cred-
 it,  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 follow-
 ing 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. FOR TAXABLE
 YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE,  IF
 THE  AMOUNT  OF  THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED
 THE TAXPAYER'S TAX LIABILITY FOR SUCH YEAR, AND THE TAXPAYER  MEETS  THE
 DEFINITION  OF  LOW-TO-MODERATE INCOME, AS DEFINED IN SUBDIVISION (C) OF
 SECTION NINE HUNDRED SEVENTY-C OF THE GENERAL MUNICIPAL LAW, OR  RESIDES
 IN  A DISADVANTAGED COMMUNITY, AS DEFINED IN SUBDIVISION FIVE OF SECTION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13762-05-4
 A. 8588--A                          2
 
 75-0101 OF THE ENVIRONMENTAL  CONSERVATION  LAW,  THE  EXCESS  SHALL  BE
 TREATED  AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED. ANY REFUND
 PAID PURSUANT TO THIS PARAGRAPH SHALL BE DEEMED TO BE  A  REFUND  OF  AN
 OVERPAYMENT OF TAX AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately.