STATE OF NEW YORK
________________________________________________________________________
9896
IN SENATE
August 28, 2024
___________
Introduced by Sen. ASHBY -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
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.
25 2. Carryover. In no event shall the credit under this section be
26 allowed in an amount which will reduce the tax payable to less than the
27 applicable minimum tax fixed by section one hundred eighty-three or
28 former section one hundred eighty-six of this article. If, however, the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16105-01-4
S. 9896 2
1 amount of credit allowable under this section for any taxable year
2 reduces the tax to such amount, any amount of credit not deductible in
3 such taxable year may be carried over to the following year or years and
4 may be deducted from the taxpayer's tax for such year or years.
5 § 3. Section 210-B of the tax law is amended by adding a new subdivi-
6 sion 61 to read as follows:
7 61. Hydroelectric power credit. (a) Allowance of credit. A taxpayer
8 shall be allowed a credit, to be computed as provided in section fifty
9 of this chapter, against the tax imposed by this article.
10 (b) Carryover. The credit allowed under this subdivision for any taxa-
11 ble year shall not reduce the tax due for such year to less than the
12 amount prescribed in paragraph (d) of subdivision one of section two
13 hundred ten of this article. However, if the amount of credit allowable
14 under this subdivision for any taxable year reduces the tax to such
15 amount or if the taxpayer otherwise pays tax based on the fixed dollar
16 minimum amount, any amount of credit not deductible in such taxable year
17 may be carried over to the following year or years, and may be deducted
18 from the qualified employer's tax for such years.
19 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
20 of the tax law is amended by adding a new clause (lii) to read as
21 follows:
22 (lii) Hydroelectric powerAmount of credit under
23 credit under subsection (bbb)subdivision sixty-one of
24 section two hundred ten-B,
25 or subdivision (ff) of section
26 fifteen hundred eleven
27 § 5. Section 606 of the tax law is amended by adding a new subsection
28 (bbb) to read as follows:
29 (bbb) Hydroelectric power credit. (1) Allowance of credit. A taxpayer
30 shall be allowed a credit, to be computed as provided in section fifty
31 of this chapter, against the tax imposed by this article.
32 (2) Carryover. The credit allowed under this subsection for any taxa-
33 ble year shall not reduce the tax due for such year to less than the
34 amount prescribed in paragraph (d) of subdivision one of section two
35 hundred ten of this chapter. However, if the amount of credit allowable
36 under this subsection for any taxable year reduces the tax to such
37 amount or if the taxpayer otherwise pays tax based on the fixed dollar
38 minimum amount, any amount of credit not deductible in such taxable year
39 may be carried over to the following year or years, and may be deducted
40 from the taxpayer's tax for such years.
41 § 6. Section 1511 of the tax law is amended by adding a new subdivi-
42 sion (ff) to read as follows:
43 (ff) Hydroelectric power credit. (1) Allowance of credit. A taxpayer
44 shall be allowed a credit, to be computed as provided in section fifty
45 of this chapter, against the tax imposed by this article.
46 (2) Carryover. The credit allowed under this subdivision for any taxa-
47 ble year shall not reduce the tax due for such year to less than the
48 minimum fixed by paragraph four of subdivision (a) of section fifteen
49 hundred two of this article or by section fifteen hundred two-a of this
50 article, whichever is applicable. However, if the amount of the credit
51 allowed under this subdivision for any taxable year reduces the taxpay-
52 er's tax to such amount, any amount of credit thus not deductible shall
53 be treated as an overpayment of tax to be credited in accordance with
54 the provisions of section one thousand eighty-six of this chapter.
S. 9896 3
1 Provided, however, the provisions of subsection (c) of section one thou-
2 sand eighty-eight of this chapter notwithstanding, no interest shall be
3 paid thereon.
4 § 7. This act shall take effect immediately.
