STATE OF NEW YORK
________________________________________________________________________
7409
2021-2022 Regular Sessions
IN SENATE
September 29, 2021
___________
Introduced by Sen. REICHLIN-MELNICK -- 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 an alternative
wiring 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 47 to read
2 as follows:
3 § 47. Alternative wiring tax credit. (a) Allowance of credit. An indi-
4 vidual taxpayer shall be allowed a credit against the tax imposed by
5 this article if such taxpayer replaces any aluminum wiring in a resi-
6 dence owned by such taxpayer with an alternative wiring material.
7 (b) Amount of credit. The amount of credit, allowable for up to five
8 consecutive taxable years, shall be three thousand dollars per year. A
9 taxpayer may claim such credit commencing in the first taxable year in
10 which the taxpayer installs such alternative wiring material.
11 (c) Definitions. For purposes of this section, "alternative wiring
12 material" shall mean any conductive material with a lower electrical
13 resistance and lower thermal expansion coefficient than aluminum.
14 (d) Cross references. For application of the credit provided for in
15 this section, see the following provision of this chapter: article 22:
16 section 606: subsection (nnn).
17 § 2. Section 606 of the tax law is amended by adding a new subsection
18 (nnn) to read as follows:
19 (nnn) Alternative wiring tax credit. (1) Allowance of credit. A
20 taxpayer shall be allowed a credit, to be computed as provided in
21 section forty-seven of this chapter, against the tax imposed by this
22 article.
23 (2) Application of credit. If the amount of the credit allowed under
24 this subsection for the taxable year exceeds the taxpayer's tax for such
25 year, the excess shall be treated as an overpayment of tax to be credit-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11946-01-1
S. 7409 2
1 ed or refunded in accordance with the provisions of section six hundred
2 eighty-six of this article, provided, however, that no interest shall be
3 paid thereon.
4 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
5 of the tax law is amended by adding a new clause (xlix) to read as
6 follows:
7 (xlix) AlternativeAmount of credit under
8 wiring credit undersubdivision fifty-eight of
9 subsection (nnn)section two hundred ten-B
10 § 4. Section 210-B of the tax law is amended by adding a new subdivi-
11 sion 58 to read as follows:
12 58. Alternative wiring tax credit. (1) Allowance of credit. A taxpayer
13 shall be allowed a credit, to be computed as provided in section forty-
14 seven of this chapter, against the tax imposed by this article.
15 (2) Application of credit. The credit allowed under this subdivision
16 for any taxable year shall not reduce the tax due for such year to less
17 than the amount prescribed in paragraph (d) of subdivision one of
18 section two hundred ten of this article. Provided, however, that if the
19 amount of the credit allowable under this subdivision for any taxable
20 year reduces the tax to such amount or if the taxpayer otherwise pays
21 tax based on the fixed dollar minimum amount, the excess shall be treat-
22 ed as an overpayment of tax to be credited or refunded in accordance
23 with the provisions of section one thousand eighty-six of this chapter.
24 Provided, further, the provisions of subsection (c) of section one thou-
25 sand eighty-eight of this chapter notwithstanding, no interest shall be
26 paid thereon.
27 § 5. This act shall take effect immediately and shall apply to taxable
28 years beginning on and after January 1, 2022.
