Authorizes granting of tax credit for home energy conservation improvement.
- Jan 13, 2012: REFERRED TO CITIES
BILL NUMBER:S6213 TITLE OF BILL: An act to amend the general city law, in relation to providing for the granting of a deduction on city personal income tax for home energy conservation expenses PURPOSE OR GENERAL IDEA OF BILL: This bill adds a new paragraph to Section 25-A of the General City Law to allow owners of one, two or three family houses which are owner occupied to deduct from his federal adjusted gross income, the cost of providing energy conservation improvements to his horne. JUSTIFICATION: The purpose of this bill is to encourage energy conservation by homeowners and increase savings. Under this legislation New York city homeowners will be allowed income tax deductions for expenses such as weather stripping, storm windows and doors, modernization of heating plants and other energy conservation expenses. Hopefully these savings will be used for other much needed purchases further stimulating New York's economy. PRIOR LEGISLATIVE HISTORY: 2009 - Referred to Cities 2008 - Committed to Finance 2007 - Referred to Cities 2006 - Referred to Cities 2005 - Referred to Cities 2004 - Referred to Cities 2003 - Referred to cities 2002 - Referred to Cities 2001 - Referred to Cities 2000 - Referred to Cities 1999 - Referred to Cities 1998 - Referred to Cities 1997 - Referred to Cities FISCAL IMPLICATIONS: Not known. EFFECTIVE DATE: The first of January next succeeding the date it shall have become law.
S T A T E O F N E W Y O R K ________________________________________________________________________ 6213 I N SENATE January 13, 2012 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the general city law, in relation to providing for the granting of a deduction on city personal income tax for home energy conservation expenses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS:
Section 1. The third undesignated paragraph of section 25-a of the general city law is amended by adding a new subparagraph (d) to read as follows:
(D) SUCH LOCAL LAW MAY BE FURTHER AMENDED TO PROVIDE THAT AN INDIVID- UAL WHO IS OWNER OCCUPANT OF A ONE, TWO, THREE OR FOUR FAMILY HOUSE SHALL BE ENTITLED TO SUBTRACT FROM HIS FEDERAL ADJUSTED GROSS INCOME THE EXPENSES OF PROVIDING ENERGY CONSERVATION IMPROVEMENTS FOR HIS HOME INCLUDING WEATHER STRIPPING, STORM WINDOWS AND DOORS, MODERNIZATION OF HEATING PLANTS AND SUCH OTHER HOME ENERGY CONSERVATION EXPENSES AS SHALL BE DEEMED ALLOWABLE PURSUANT TO THE PROVISIONS OF SUCH LOCAL LAW. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06406-01-1