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A08588 Summary:

COSPNSRSimon, Lunsford, Stern, Burke, Kelles, Gunther, Shimsky, Ardila, Wallace, Hevesi, Weprin, Bichotte Hermelyn, McDonald, Seawright, Conrad, Colton, Paulin, Dinowitz, Shrestha, Zebrowski, Simone, Tapia, Gallagher, Fahy, Reyes, Slater, Bendett
Amd 606, Tax L
Increases the amount of geothermal energy systems tax credits.
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A08588 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                    January 12, 2024
        Introduced  by  M.  of A. RIVERA, SIMON, LUNSFORD, STERN, BURKE, KELLES,
          ZEBROWSKI, SIMONE, TAPIA, GALLAGHER, FAHY -- Multi-Sponsored by --  M.
          of  A.    LEVENBERG -- 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 geothermal energy systems
          tax credits
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraphs  1 and 9 of subsection (g-4) of section 606 of
     2  the tax law, as added by section 1 of part FF of chapter 59 of the  laws
     3  of 2022, are amended to read 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  geothermal  energy  system  expenditures,  except  as  provided in
     7  subparagraph (D) of paragraph two of this subsection, not to exceed five
     8  thousand dollars for  qualified  geothermal  energy  systems  placed  in
     9  service  before  June thirtieth, two thousand twenty-four, and ten thou-
    10  sand dollars for qualified geothermal energy equipment placed in service
    11  on or after July first, two thousand twenty-four.
    12    (9) Carryover of credit and refundability. If the amount of the  cred-
    13  it,  and  carryovers of such credit, allowable under this subsection for
    14  any taxable year shall exceed the taxpayer's tax  for  such  year,  such
    15  excess amount may be carried over to the five taxable years next follow-
    16  ing the taxable year with respect to which the credit is allowed and may
    17  be  deducted from the taxpayer's tax for such year or years. For taxable
    18  years beginning on or after January first, two thousand twenty-five,  if
    19  the  amount  of  the credit allowable under this subsection shall exceed
    20  the taxpayer's tax liability for such year, and the taxpayer  meets  the
    21  definition  of  low-to-moderate income, as defined in subdivision (c) of
    22  section nine hundred seventy-c of the general municipal law, or  resides
    23  in  a disadvantaged community, as defined in subdivision five of section
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 8588--A                          2
     1  75-0101 of the environmental  conservation  law,  the  excess  shall  be
     2  treated  as an overpayment of tax to be credited or refunded. Any refund
     3  paid pursuant to this paragraph shall be deemed to be  a  refund  of  an
     4  overpayment of tax as provided in section six hundred eighty-six of this
     5  article, provided, however, that no interest shall be paid thereon.
     6    § 2. This act shall take effect immediately.
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