NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5029
SPONSOR: Lifton (MS) TITLE OF BILL: An act to amend the tax law, in relation to providing
a personal income tax credit for the purchase of a home that meets
certain energy efficiency standards
PURPOSE: To grant a $5,000 tax credit to a homebuyer for purchase of a
Home Energy Rating System (HERS) 50 new home, or to purchase an existing
home renovated to a 50% energy reduction. The bill grants a $7,500 tax
credit for a HERS 25 new home, or a renovated home with a 75% energy
reduction, and $10,000 tax credit for a Zero-Net-Energy home, or
purchased existing home renovated to Zero-Net-Energy.
SUMMARY OF PROVISIONS: The bill adds subsection (ww) § 606 of the tax
law, allowing for the purchaser of any eligible real property, defined
as the primary residence of the taxpayer with a HERS rating of 50 or
less, to receive a refundable New York State tax credit.
EXISTING LAW: § 606 of the tax law.
JUSTIFICATION: This bill combines a refundable state tax credit with
energy reduction targets, to greatly spur private spending on new build-
ing construction, renovate the existing residential building stock,
reduce the foreclosed home inventory, and generate much-needed jobs and
tax revenue. The program will pay for itself through an increase in the
tax base and construction jobs, while reducing greenhouse gas emissions.
LEGISLATIVE HISTORY: 2013-14: A7512, referred to Ways and Means.
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: Immediately.
