A01319 Summary:

BILL NOA01319A
 
SAME ASNo Same As
 
SPONSORStirpe
 
COSPNSR
 
MLTSPNSR
 
Amd 606, Tax L
 
Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards.
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A01319 Actions:

BILL NOA01319A
 
01/14/2019referred to ways and means
12/30/2019amend and recommit to ways and means
12/30/2019print number 1319a
01/08/2020referred to ways and means
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A01319 Committee Votes:

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A01319 Floor Votes:

There are no votes for this bill in this legislative session.
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A01319 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1319--A
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 14, 2019
                                       ___________
 
        Introduced by M. of A. STIRPE -- 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  establishing  the  green
          building credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (kkk) to read as follows:
     3    (kkk) Green building credit. (1) Allowance of credit. A taxpayer shall
     4  be  allowed  a  credit  against the tax imposed by this article provided
     5  that such taxpayer constructs or  rehabilitates  qualifying  residential
     6  real property in conformity with energy efficiency standards established
     7  by the National Association of Home Builders or the Leadership in Energy
     8  and  Environmental  Design  rating system developed by the United States
     9  green building council and fashions proof  thereof  in  accordance  with
    10  rules  and regulations promulgated by the commissioner of the department
    11  of environmental conservation in conjunction with the commissioner.
    12    (2) Amount of credit. The amount of the credit shall be equal  to  the
    13  allowable  costs  paid  or  incurred  by the taxpayer, if the owner, for
    14  either the construction or rehabilitation of qualifying residential real
    15  property in conformity with energy efficiency standards  established  by
    16  the  National  Association  of Home Builders or the Leadership in Energy
    17  and Environmental Design rating system developed by  the  United  States
    18  green  building  council;  provided, however, that such credit shall not
    19  exceed ten thousand dollars and shall not be awarded more than once in a
    20  period of ten years.
    21    (3) For the  purpose  of  this  subsection,  "allowable  costs"  means
    22  amounts  properly  chargeable to an account (other than for land), which
    23  are paid or incurred on or after January  first,  two  thousand  twenty,
    24  for:  construction or rehabilitation; commissioning costs; interest paid
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00657-03-9

        A. 1319--A                          2
 
     1  or  incurred  during  the  construction or rehabilitation period; legal,
     2  architectural, engineering and  other  professional  fees  allocable  to
     3  construction or rehabilitation; closing costs for construction, rehabil-
     4  itation or mortgage loans; recording taxes and filing fees incurred with
     5  respect to construction or rehabilitation; site costs (such as temporary
     6  electric wiring, scaffolding, demolition costs, and fencing and security
     7  facilities);  and  costs  of furniture, carpeting, partitions, walls and
     8  wall coverings, ceilings, drapes, blinds, lighting, plumbing, electrical
     9  wiring and ventilation; provided that such costs shall not  include  the
    10  cost  of  telephone  systems and computers (other than electrical wiring
    11  costs) and shall not include the cost  of  fuel  cells  or  photovoltaic
    12  modules  (including  installation)  or  the cost of new air conditioning
    13  equipment using an EPA-approved non-ozone depleting refrigerant or other
    14  EPA-approved refrigerant approved by the commissioner  of  environmental
    15  conservation (excluding installation).
    16    (4)  For  the purposes of this subsection "qualifying residential real
    17  property" shall mean the principal place of residence of  an  individual
    18  taxpayer  who  claims a credit pursuant to this subsection. In the event
    19  that such place of residence is  a  multiple  dwelling,  as  defined  by
    20  subdivision  seven  of section four of the multiple dwelling law, allow-
    21  able  costs  shall  only  constitute  those  costs   incurred   due   to
    22  construction or rehabilitation undertaken on the portion of the dwelling
    23  that constitutes an individual taxpayer's unit.
    24    (5)  If the amount of the credit allowed under this subsection for any
    25  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    26  may  be carried over to the following year or years for up to five years
    27  and may be deducted from the taxpayer's tax for such year or years.
    28    (6) The commissioner of the department of environmental  conservation,
    29  in  conjunction  with  the commissioner, shall promulgate such rules and
    30  regulations as may be necessary  for  the  distribution  of  the  credit
    31  established by this subsection.
    32    § 2. This act shall take effect immediately and shall apply to taxable
    33  years beginning on and after January 1, 2021.
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