S149-2011 Actions

• Jun 20, 2012: SUBSTITUTED BY A34B
• Jun 20, 2012: ORDERED TO THIRD READING CAL.1428
• Jun 20, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 7, 2011: REPORTED AND COMMITTED TO FINANCE
• May 6, 2011: PRINT NUMBER 149B
• May 6, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Apr 28, 2011: PRINT NUMBER 149A
• Apr 28, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 5, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S149-2011 Votes

S149-2011 Memo

 BILL NUMBER:  S149

 TITLE OF BILL :
An act to amend the tax law, in relation to tax credits provided for
solar energy system equipment


 PURPOSE :
The purpose of this legislation is encourage homeowners to install and
utilize solar energy equipment by allowing individuals who lease such
equipment or purchase power under a written agreement with a third
party to benefit from a solar equipment tax credit.

 SUMMARY OF PROVISIONS :
Section 1. Allows a taxpayer to qualify for a solar equipment tax
credit in cases where the lease of solar equipment under a written
agreement spans at least ten years or a power purchase agreement of at
least ten years from a third party is in force. Additionally this
section includes and clarifies expenditures for the lease of solar
energy system equipment.

 JUSTIFICATION :
As we continue to move toward a greener economy it is very important
that residents be encouraged to utilize renewable forms of energy.
This should be true whether the taxpayer can afford to purchase and
install renewable generation such as solar equipment or if it is more
feasible for the individual to lease the equipment or contract with a
provider to purchase power. using the tax code to incentivize the
installation of solar equipment is the right way to encourage the
development of the renewable energy industry.

In addition to the obvious benefits to the taxpayer, the use of more
photovoltaic generation equipment will also benefit our environment by
reducing the negative effects of greenhouse gas emissions as well and
increasing our ability to become more energy independent.

 LEGISLATIVE HISTORY :
S.8025 of 2009-2010; Referred to Investigations and Government
Operations

 FISCAL IMPLICATIONS :
To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately.

S149-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          149
 2011-2012 Regular Sessions
 I N  SENATE
 (PREFILED)
 January 5, 2011
 
 Introduced  by  Sen. MAZIARZ -- 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  tax  credits  provided  for
 solar energy system equipment
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Paragraph 2 of subsection (g-1) of section 606 of  the  tax
 law,  as amended by chapter 378 of the laws of 2005 and subparagraph (B)
 as amended by chapter 251 of the laws of 2006, is  amended  to  read  as
 follows:

 (2) Qualified solar energy system equipment expenditures. (A) The term
 "qualified  solar  energy  system equipment expenditures" means expendi
 tures for:

 (I) the purchase of solar energy system equipment which  is  installed
 in  connection  with  residential property which is [(i)] (I) located in
 this state and [(ii)] (II) which is used by the taxpayer as his  or  her
 principal  residence  at  the  time the solar energy system equipment is
 placed in service;
 (II) THE LEASE OF SOLAR ENERGY SYSTEM EQUIPMENT UNDER A WRITTEN AGREE
 MENT THAT SPANS AT LEAST TEN YEARS  WHERE  SUCH  EQUIPMENT  OWNED  BY  A
 PERSON  OTHER THAN THE TAXPAYER IS INSTALLED IN CONNECTION WITH RESIDEN
 TIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS  USED
 BY  THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR
 ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; OR
 (III) THE PURCHASE OF POWER UNDER A WRITTEN AGREEMENT  THAT  SPANS  AT
 LEAST  TEN  YEARS  WHEREUNDER  THE POWER PURCHASED IS GENERATED BY SOLAR
 ENERGY SYSTEM EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER  WHICH
 IS  INSTALLED  IN  CONNECTION  WITH  RESIDENTIAL  PROPERTY  WHICH IS (I)
 LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS  HIS  OR
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00702-01-1
 
       S. 149                              2
 HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR ENERGY SYSTEM EQUIPMENT IS
 PLACED IN SERVICE.
 (B) Such qualified expenditures shall include expenditures for materi
 als, labor costs properly allocable to on-site preparation, assembly and
 original  installation,  architectural  and  engineering  services,  and
 designs and plans directly related to the construction  or  installation
 of the solar energy system equipment.
 (C)  Such  qualified  expenditures  FOR  THE  PURCHASE OF SOLAR ENERGY
 SYSTEM EQUIPMENT shall not include interest or other finance charges.
 (D) SUCH QUALIFIED EXPENDITURES FOR THE LEASE OF SOLAR  ENERGY  SYSTEM
 EQUIPMENT  OR  THE  PURCHASE  OF  POWER  UNDER AN AGREEMENT DESCRIBED IN
 CLAUSES (II) OR (III)  OF  SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH  SHALL
 INCLUDE  AN AMOUNT EQUAL TO ALL PAYMENTS TO BE MADE UNDER SUCH AGREEMENT
 FOR THE INITIAL TERM OF  SUCH  AGREEMENT,  INCLUDING  ANY  AMOUNTS  PAID
 UPFRONT.
 (E)  THE  TERM  "PERSON", AS USED IN THIS SECTION, SHALL HAVE THE SAME
 MEANING AS PROVIDED IN INTERNAL REVENUE CODE

S 7701 (C)(1).
 

S 2. This act shall take effect immediately.

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