S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5436
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 21, 2025
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- 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 enacting the "grid resilien-
   cy act"
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Short  title. This act shall be known and may be cited as
 the "grid resiliency act".
   § 2. Notwithstanding any provision of law or regulation to the contra-
 ry, no major electric generation facility, peaker plant, or simple cycle
 or regenerative  combustion  turbine,  may  be  closed,  decommissioned,
 prohibited  from  operating, or have its operations impaired, by a state
 agency or state regulatory body, unless a new major electric  generation
 facility,  or  major renewable energy facility, that has the capacity to
 produce greater than or equal to the same megawatts, has been opened and
 is in operation; provided however, nothing in this section shall prohib-
 it a company from voluntarily closing or decommissioning a  major  elec-
 tric  generation facility, peaker plant, or simple cycle or regenerative
 combustion turbine.
   § 3. Notwithstanding any provision of law or regulation to the contra-
 ry, no major electric generation facility, peaker plant, or simple cycle
 or regenerative  combustion  turbine,  may  be  closed,  decommissioned,
 prohibited  from  operating, or have its operations impaired, by a state
 agency or state regulatory body, if it has been designated  as  a  reli-
 ability  source  by  the  New York independent system operator; provided
 however, nothing in this section shall prohibit a company from voluntar-
 ily closing or decommissioning a  major  electric  generation  facility,
 peaker plant, or simple cycle or regenerative combustion turbine.
   §  4. Section 606 of the tax law is amended by adding a new subsection
 (g-5) to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09921-01-5
 S. 5436                             2
              

 
   (G-5) RESIDENTIAL AUXILIARY ELECTRIC GENERATING EQUIPMENT CREDIT.  (1)
 AN  INDIVIDUAL  TAXPAYER  WHOSE  ANNUAL GROSS INCOME DOES NOT EXCEED TWO
 HUNDRED FIFTY THOUSAND DOLLARS SHALL BE ALLOWED  A  CREDIT  AGAINST  TAX
 IMPOSED  BY  THIS  ARTICLE FOR FIFTY PERCENT OF THE COST OF THE PURCHASE
 AND INSTALLATION OF RESIDENTIAL AUXILIARY ELECTRIC GENERATING EQUIPMENT,
 NOT TO EXCEED SEVEN THOUSAND FIVE HUNDRED DOLLARS.
   (2)  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-SEVEN, IF
 THE  AMOUNT  OF  THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED
 THE TAXPAYER'S TAX LIABILITY FOR SUCH YEAR, THE EXCESS SHALL BE  TREATED
 AS  AN  OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH
 THE PROVISIONS OF  SECTION  SIX  HUNDRED  EIGHTY-SIX  OF  THIS  ARTICLE;
 PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   §  5. Section 606 of the tax law is amended by adding a new subsection
 (g-6) to read as follows:
   (G-6) CREDIT FOR DISRUPTION IN ELECTRIC OR GAS SERVICE. (1)  AN  INDI-
 VIDUAL  TAXPAYER  WHOSE  ANNUAL GROSS INCOME DOES NOT EXCEED TWO HUNDRED
 FIFTY THOUSAND DOLLARS SHALL BE ALLOWED A CREDIT AGAINST TAX IMPOSED  BY
 THIS  ARTICLE  OF  TEN  DOLLARS  PER DAY THAT THE TAXPAYER EXPERIENCES A
 DISRUPTION IN ELECTRIC OR GAS SERVICE.
   (2) 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-SEVEN, IF
 THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS  SUBSECTION  SHALL  EXCEED
 THE  TAXPAYER'S TAX LIABILITY FOR SUCH YEAR, THE EXCESS SHALL BE TREATED
 AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN  ACCORDANCE  WITH
 THE  PROVISIONS  OF  SECTION  SIX  HUNDRED  EIGHTY-SIX  OF THIS ARTICLE;
 PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 6. This act shall take effect immediately.