Relates to a tax abatement for solar power for seniors on a fixed income; provides that individuals aged 65 years or older and earning 300% of the federal poverty guidelines or below shall be entitled to an additional 15% tax abatement for solar energy equipment or for the use of solar energy.
STATE OF NEW YORK
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4184
2015-2016 Regular Sessions
IN SENATE
March 5, 2015
___________
Introduced by Sen. CROCI -- 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 a tax abatement for solar
power for senior citizens on fixed incomes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 1 of subsection (g-1) of section 606 of the tax
2 law, as amended by chapter 375 of the laws of 2012, is amended to read
3 as follows:
4 (1) General. An individual taxpayer shall be allowed a credit against
5 the tax imposed by this article equal to twenty-five percent of quali-
6 fied solar energy system equipment expenditures, except as provided in
7 subparagraph (D) of paragraph two of this subsection. This credit shall
8 not exceed three thousand seven hundred fifty dollars for qualified
9 solar energy equipment placed in service before September first, two
10 thousand six, and five thousand dollars for qualified solar energy
11 equipment placed in service on or after September first, two thousand
12 six. Senior citizens aged sixty-five years or older on a fixed annual
13 income that is at or below three hundred percent of the federal poverty
14 guidelines under the authority of 42 U.S.C. 9902(2) shall be entitled to
15 an additional fifteen percent tax abatement for solar energy equipment
16 or for the use of solar energy. "Income tax year" shall mean the twelve
17 month period for which the owner or owners filed a federal personal
18 income tax return, or if no such return is filed, the calendar year.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05576-01-5
