Provides a tax credit to corporations that purchase qualified green construction equipment equivalent to thirty percent of the total expenses incurred during the taxable year in purchasing such equipment.
STATE OF NEW YORK
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6513
2023-2024 Regular Sessions
IN SENATE
April 25, 2023
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to providing a tax credit to
corporations that purchase qualified green construction equipment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 210-B of the tax law is amended by adding a new
2 subdivision 59 to read as follows:
3 59. Green construction tax credit. (a) A taxpayer located within the
4 state shall be allowed a credit, to be computed as hereinafter provided,
5 against the tax imposed by this article. The amount of the credit shall
6 be equal to thirty percent of the total expenses incurred during the
7 taxable year in purchasing qualified green construction equipment.
8 (b) For the purposes of this subdivision, "qualified green
9 construction equipment" shall be defined as heavy-duty vehicles,
10 purchased within the state, specially designed for executing
11 construction tasks and earthwork operations including heavy machines,
12 heavy trucks, construction equipment, engineering equipment, heavy vehi-
13 cles or heavy hydraulics. Qualified green construction equipment is
14 prohibited from:
15 (i) producing greenhouse gas emissions;
16 (ii) utilizing fossil fuels; and
17 (iii) emitting toxic chemicals.
18 (c) The credit allowed under this subdivision for any taxable year
19 shall not reduce the tax due for such year to less than the amount
20 prescribed in paragraph (d) of subdivision one of section two hundred
21 ten of this article.
22 (d) The aggregate amount of tax credits allowed under this subdivision
23 in any calendar year statewide shall be ten million dollars. Such aggre-
24 gate amount of credits shall be allocated pursuant to rules and regu-
25 lations promulgated by the commissioner.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05961-01-3
S. 6513 2
1 (e) The commissioner shall determine the procedure for certification
2 for the credit authorized pursuant to this subdivision.
3 § 2. This act shall take effect immediately and shall apply to taxable
4 years commencing on or after such effective date.
