STATE OF NEW YORK
________________________________________________________________________
4438
2025-2026 Regular Sessions
IN SENATE
February 5, 2025
___________
Introduced by Sen. ASHBY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to establishing a hydroelectric
power tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 50 to read
2 as follows:
3 § 50. Hydroelectric power credit. (a) Allowance of credit. A taxpayer
4 subject to tax under article nine, nine-a, twenty-two or thirty-three of
5 this chapter shall be allowed a hydroelectric power credit against such
6 tax, for fifty percent of the cost of any licensing or relicensing fees
7 assessed by any state or federal agency.
8 (b) Cross-references. For application of the credit provided for in
9 this section, see the following provisions of this chapter:
10 (1) article 9: section 187-s;
11 (2) article 9-A: section 210-B, subdivision 61;
12 (3) article 22: section 606, subsections (i) and (bbb);
13 (4) article 33: section 1511, subdivision (ff).
14 § 2. The tax law is amended by adding a new section 187-s to read as
15 follows:
16 § 187-s. Hydroelectric power credit. 1. Allowance of credit. A taxpay-
17 er shall be allowed a credit, to be computed as provided in section
18 fifty of this chapter, against the taxes imposed by sections one hundred
19 eighty-three, one hundred eighty-four and former section one hundred
20 eighty-six of this article. Provided, however, that the amount of such
21 credit allowable against the tax imposed by section one hundred eighty-
22 four of this article shall be the excess of the amount of such credit
23 over the amount of any credit allowed by this section against the tax
24 imposed by section one hundred eighty-three of this article.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08940-01-5
S. 4438 2
1 2. Carryover. In no event shall the credit under this section be
2 allowed in an amount which will reduce the tax payable to less than the
3 applicable minimum tax fixed by section one hundred eighty-three or
4 former section one hundred eighty-six of this article. If, however, the
5 amount of credit allowable under this section for any taxable year
6 reduces the tax to such amount, any amount of credit not deductible in
7 such taxable year may be carried over to the following year or years and
8 may be deducted from the taxpayer's tax for such year or years.
9 § 3. Section 210-B of the tax law is amended by adding a new subdivi-
10 sion 61 to read as follows:
11 61. Hydroelectric power credit. (a) Allowance of credit. A taxpayer
12 shall be allowed a credit, to be computed as provided in section fifty
13 of this chapter, against the tax imposed by this article.
14 (b) Carryover. The credit allowed under this subdivision for any taxa-
15 ble year shall not reduce the tax due for such year to less than the
16 amount prescribed in paragraph (d) of subdivision one of section two
17 hundred ten of this article. However, if the amount of credit allowable
18 under this subdivision for any taxable year reduces the tax to such
19 amount or if the taxpayer otherwise pays tax based on the fixed dollar
20 minimum amount, any amount of credit not deductible in such taxable year
21 may be carried over to the following year or years, and may be deducted
22 from the qualified employer's tax for such years.
23 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
24 of the tax law is amended by adding a new clause (lii) to read as
25 follows:
26 (lii) Hydroelectric powerAmount of credit under
27 credit under subsection (bbb)subdivision sixty-one of
28 section two hundred ten-B,
29 or subdivision (ff) of section
30 fifteen hundred eleven
31 § 5. Section 606 of the tax law is amended by adding a new subsection
32 (bbb) to read as follows:
33 (bbb) Hydroelectric power credit. (1) Allowance of credit. A taxpayer
34 shall be allowed a credit, to be computed as provided in section fifty
35 of this chapter, against the tax imposed by this article.
36 (2) Carryover. The credit allowed under this subsection for any taxa-
37 ble year shall not reduce the tax due for such year to less than the
38 amount prescribed in paragraph (d) of subdivision one of section two
39 hundred ten of this chapter. However, if the amount of credit allowable
40 under this subsection for any taxable year reduces the tax to such
41 amount or if the taxpayer otherwise pays tax based on the fixed dollar
42 minimum amount, any amount of credit not deductible in such taxable year
43 may be carried over to the following year or years, and may be deducted
44 from the taxpayer's tax for such years.
45 § 6. Section 1511 of the tax law is amended by adding a new subdivi-
46 sion (ff) to read as follows:
47 (ff) Hydroelectric power credit. (1) Allowance of credit. A taxpayer
48 shall be allowed a credit, to be computed as provided in section fifty
49 of this chapter, against the tax imposed by this article.
50 (2) Carryover. The credit allowed under this subdivision for any taxa-
51 ble year shall not reduce the tax due for such year to less than the
52 minimum fixed by paragraph four of subdivision (a) of section fifteen
53 hundred two of this article or by section fifteen hundred two-a of this
54 article, whichever is applicable. However, if the amount of the credit
S. 4438 3
1 allowed under this subdivision for any taxable year reduces the taxpay-
2 er's tax to such amount, any amount of credit thus not deductible shall
3 be treated as an overpayment of tax to be credited in accordance with
4 the provisions of section one thousand eighty-six of this chapter.
5 Provided, however, the provisions of subsection (c) of section one thou-
6 sand eighty-eight of this chapter notwithstanding, no interest shall be
7 paid thereon.
8 § 7. This act shall take effect immediately.
