Extends the solar energy system equipment tax credit carryover period from five years to ten years.

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S4623A-2011 Actions

• May 31, 2012: REPORTED AND COMMITTED TO FINANCE
• May 18, 2012: PRINT NUMBER 4623A
• May 18, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 24, 2011: COMMITTED TO RULES
• Jun 14, 2011: ADVANCED TO THIRD READING
• Jun 13, 2011: 2ND REPORT CAL.
• Jun 7, 2011: 1ST REPORT CAL.1118
• Apr 13, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S4623A-2011 Meetings

Investigations and Government Operations: May 31, 2012

S4623A-2011 Votes

S4623A-2011 Memo

BILL NUMBER:S4623A

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

PURPOSE:
This legislation extends the solar energy system equipment tax credit
carryover period from five to ten years.

SUMMARY OF PROVISIONS:
Paragraph 8 of subsection (g-1) of Section 606 of the tax law, as
amended by Chapter 378 of the Laws of 2005 and as renumbered by
Chapter 128 of the Laws of 2007, is amended to extend the solar
energy system equipment tax credit carryover period from five to ten
taxable years.

JUSTIFICATION:
New York's solar energy system equipment tax credit provides
individuals with an incentive to choose to invest in photovoltaic
systems as an alternative energy choice. The current credit system,
subject to certain limits, is 25% of the qualified solar energy
system equipment expenditures for the purchase and installation of a
system that uses solar radiation to produce energy for heating,
cooling, hot water or electricity for residential use. If the credit
is greater than the amount of taxes owed, the balance will not be
refunded. However, any credit amount in excess of the tax due can be
carried over for a maximum of up to five years. In some cases,
individuals with lower incomes would not have enough income tax
liability over a five-year period to claim the full amount of the
individual credit. This legislation will extend such carryover period
from five to ten years to better afford those individuals with the
opportunity to receive the full amount of their tax credit.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.

S4623A-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   4623--A

                         2011-2012 Regular Sessions

                              I N  SENATE

                               April 13, 2011
                                 ___________

  Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
    printed to be committed to the Committee on Investigations and Govern-
    ment Operations -- recommitted to the Committee on Investigations  and
    Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
    committee discharged, bill amended, ordered reprinted as  amended  and
    recommitted to said committee

  AN  ACT  to  amend  the  tax law, in relation to the solar energy system
    equipment tax credit

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


    Section  1.  Paragraph 8 of subsection (g-1) of section 606 of the tax
  law, as amended by chapter 378 of the laws of 2005 and as renumbered  by
  chapter 128 of the laws of 2007, is amended to read as follows:

    (8)  Carryover  of credit. If the amount of the credit, and carryovers
  of such credit, allowable under this subsection  for  any  taxable  year
  shall exceed the taxpayer's tax for such year, such excess amount may be
  carried  over to the [five] TEN taxable years next following the taxable
  year with respect to which the credit is allowed  and  may  be  deducted
  from the taxpayer's tax for such year or years.
    S 2. This act shall take effect immediately and shall apply to taxable
  years beginning on or after January 1, 2013.




   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD01243-02-2