STATE OF NEW YORK
________________________________________________________________________
3591
2019-2020 Regular Sessions
IN SENATE
February 11, 2019
___________
Introduced by Sen. PARKER -- 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 tax credit
for developers utilizing renewable energy sources in affordable hous-
ing units
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 44 to read
2 as follows:
3 § 44. Credit for utilizing renewable energy sources. (a) General. A
4 taxpayer subject to tax under article nine-A or twenty-two of this chap-
5 ter, who is a developer who uses renewable sources of energy, as such
6 term is defined in subdivision twelve of section 1-103 of the energy
7 law, during the construction of an affordable housing facility, shall be
8 allowed a credit against such taxes in an amount of two thousand dollars
9 per qualified unit and pursuant to the provisions referenced in subdivi-
10 sion (c) of this section.
11 (b) Definitions. (1) "Affordable housing facility" shall mean a build-
12 ing containing ten or more units, ninety percent of which are qualified
13 units.
14 (2) "Qualified unit" shall mean any unit within an affordable housing
15 facility that uses renewable sources of energy and is occupied by one or
16 more people whose total income is less than one hundred percent of the
17 area median income.
18 (c) Cross-references. For application of the credit provided for in
19 this section, see the following provisions of this chapter:
20 (1) Article 9-A: Section 210-B, subdivision 53.
21 (2) Article 22: Section 606, subsections (i) and (jjj).
22 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
23 sion 53 to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09569-01-9
S. 3591 2
1 53. Credit for utilizing renewable energy sources. A taxpayer shall be
2 allowed a credit, to be computed as provided in section forty-four of
3 this chapter, against the tax imposed by this article. In no event shall
4 the credit allowed under this subdivision for any taxable year reduce
5 the tax due for such year to less than the amount prescribed in para-
6 graph (d) of subdivision one of section two hundred ten of this article.
7 However, if the amount of credit allowed under this subdivision for any
8 taxable year reduces the tax to such amount, any amount of credit thus
9 not deductible in such taxable year shall be treated as an overpayment
10 of tax to be credited or refunded in accordance with the provisions of
11 section one thousand eighty-six of this chapter. Provided, however, the
12 provisions of subsection (c) of section one thousand eighty-eight of
13 this chapter notwithstanding, no interest shall be paid thereon.
14 § 3. Section 606 of the tax law is amended by adding a new subsection
15 (jjj) to read as follows:
16 (jjj) Credit for utilizing renewable energy sources. A taxpayer shall
17 be allowed a credit, to be computed as provided for in section forty-
18 four of this chapter, against the tax imposed by this article. If the
19 amount of the credit allowed under this subsection for any taxable year
20 shall exceed the taxpayer's tax for such year, the excess shall be
21 treated as an overpayment of tax to be credited or refunded in accord-
22 ance with the provisions of section six hundred eighty-six of this arti-
23 cle, provided, however, that no interest shall be paid thereon.
24 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
25 of the tax law is amended by adding a new clause (xliv) to read as
26 follows:
27 (xliv) Credit for utilizing renewable Amount of credit under
28 energy sources under subsection (jjj)subdivision fifty-three
29 of section two hundred
30 ten-B
31 § 5. This act shall take effect immediately.