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

                                  2571

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 26, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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 establishing  a  tax  credit
  for  developers utilizing renewable energy sources in affordable hous-
  ing units

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

  Section  1.  The tax law is amended by adding a new section 42 to read
as follows:
  S 42. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES.  (A)  GENERAL.  A
TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAP-
TER,  WHO  IS  A DEVELOPER WHO USES RENEWABLE SOURCES OF ENERGY, AS SUCH
TERM IS DEFINED IN SUBDIVISION TWELVE OF SECTION  1-103  OF  THE  ENERGY
LAW, DURING THE CONSTRUCTION OF AN AFFORDABLE HOUSING FACILITY, SHALL BE
ALLOWED A CREDIT AGAINST SUCH TAXES IN AN AMOUNT OF TWO THOUSAND DOLLARS
PER QUALIFIED UNIT AND PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVI-
SION (C) OF THIS SECTION.
  (B) DEFINITIONS. (1) "AFFORDABLE HOUSING FACILITY" SHALL MEAN A BUILD-
ING  CONTAINING TEN OR MORE UNITS, NINETY PERCENT OF WHICH ARE QUALIFIED
UNITS.
  (2) "QUALIFIED UNIT" SHALL MEAN ANY UNIT WITHIN AN AFFORDABLE  HOUSING
FACILITY THAT USES RENEWABLE SOURCES OF ENERGY AND IS OCCUPIED BY ONE OR
MORE  PEOPLE  WHOSE TOTAL INCOME IS LESS THAN ONE HUNDRED PERCENT OF THE
AREA MEDIAN INCOME.
  (C) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
  (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 49.
  (2) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (CCC).
  S  2. Section 210-B of the tax law is amended by adding a new subdivi-
sion 49 to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06999-02-5
              

S. 2571                             2

  49. CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED  IN  SECTION  FORTY-TWO  OF
THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. IN NO EVENT SHALL
THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCE
THE  TAX  DUE  FOR SUCH YEAR TO LESS THAN THE AMOUNT PRESCRIBED IN PARA-
GRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.
HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR  ANY
TAXABLE  YEAR  REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS
NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS  AN  OVERPAYMENT
OF  TAX  TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF
SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,  THE
PROVISIONS  OF  SUBSECTION  (C)  OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
  S 3. Section 606 of the tax law is amended by adding a new  subsection
(ccc) to read as follows:
  (CCC)  CREDIT FOR UTILIZING RENEWABLE ENERGY SOURCES. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED FOR IN SECTION FORTY-TWO
OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. IF THE  AMOUNT
OF  THE  CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED  AS
AN  OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE,  PROVIDED,
HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding  a  new  clause  (xli)  to  read  as
follows:
(XLI) CREDIT FOR UTILIZING RENEWABLE              AMOUNT OF CREDIT UNDER
ENERGY SOURCES UNDER SUBSECTION (CCC)             SUBDIVISION FORTY-NINE
                                                  OF SECTION TWO HUNDRED
                                                  TEN-B
  S 5. This act shall take effect immediately.