Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSERDA to develop a list of qualified products and improvements and provides that such improvements shall not affect the assessed valuation of real property for tax purposes.

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S2711-2011 Actions

• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 8, 2011: PRINT NUMBER 2711B
• Jun 8, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 6, 2011: PRINT NUMBER 2711A
• Jun 6, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 31, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S2711-2011 Memo

BILL NUMBER:S2711

TITLE OF BILL:
An act
to amend the tax law and the real property tax law,
in relation to providing a tax credit
for the purchase of energy efficient home improvements

PURPOSE:
To provide an income tax credit of up to 25% of the cost of any items
that improve the energy efficiency of a home, up to $2,500. Also
requires the New York State Energy Research and Development Agency
(NYSERDA) to develop a list of acceptable energy efficiency
improvements that will be covered under the program and provides that
such upgrades shall not affect the assessed value of the home.

SUMMARY OF PROVISIONS:
Section 1 amends the tax law to provide an income tax credit of up .to
25% of the cost of any items that improve the energy efficiency of a
home, up to a maximum of $2,500. Also directs NYSERDA to adopt rules
and regulations setting forth home improvements which qualify for the
tax credit and have them provide such list on their website.

Section 2 amends the Real Property Tax law by requiring that any
energy efficiency upgrades not affect the assessed value of the home.

Section 3 provides that this act will take effect on the first of
January of the following year after it becomes law.

JUSTIFICATION:
Many energy efficient products can raise the value of a home.
Increased assessments as a result of increases home values could be a
deterrent to a homeowner to replacing inefficient materials with
energy efficient ones. This legislation will help to offset the cost
of any items that improve the energy efficiency of a home (i.e. new
windows, insulation).

LEGISLATIVE HISTORY:
S.4159 of 2007-08; Reported to Investigations
S.1215 of 2009-10; Reported to Finance

FISCAL IMPLICATIONS:
Fiscal implications will depend on program participation. Costs per
household are specific in the legislation.

EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall become law.

S2711-2011 Text

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

                                    2711

                         2011-2012 Regular Sessions

                              I N  SENATE

                              January 31, 2011
                                 ___________

  Introduced  by Sen. GRISANTI -- 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 and the real property tax law,  in  relation
    to  providing  a  tax credit for the purchase of energy efficient home
    improvements

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


    Section  1.    Section  606  of the tax law is amended by adding a new
  subsection (ss) to read as follows:

    (SS) CREDIT FOR THE PURCHASE OF ENERGY  EFFICIENT  HOME  IMPROVEMENTS.
  (1)  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED-
  IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
  IMPOSED  BY  THIS  ARTICLE.  THE  AMOUNT OF THE CREDIT SHALL BE EQUAL TO
  TWENTY-FIVE PERCENT OF THE COST OF ENERGY EFFICIENT  HOME  IMPROVEMENTS,
  AS  PROVIDED  IN  PARAGRAPH TWO OF THIS SUBSECTION, UP TO A TWO THOUSAND
  FIVE HUNDRED DOLLAR LIMIT FOR ALL HOME IMPROVEMENTS MADE BY SUCH TAXPAY-
  ER.
    (2) THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL
  ADOPT RULES AND REGULATIONS SETTING FORTH HOME IMPROVEMENTS WHICH QUALI-
  FY FOR THE CREDIT UNDER THIS SUBSECTION. SUCH AUTHORITY SHALL DEVELOP  A
  LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
  ITS WEBSITE.
    (3) APPLICATION OF CREDIT. IF THE AMOUNT OF 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 CREDIT-
  ED  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 2. The real property tax law is amended  by  adding  a  new  section
  582-b to read as follows:


   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD07933-01-1

 S. 2711                             2

    S 582-B. ENERGY EFFICIENT HOME IMPROVEMENTS. ENERGY EFFICIENT PRODUCTS
  AND  HOME  IMPROVEMENTS WHICH HAVE BEEN DETERMINED BY THE NEW YORK STATE
  ENERGY RESEARCH AND DEVELOPMENT AUTHORITY AS QUALIFIED FOR A TAX  CREDIT
  UNDER  SUBSECTION  (SS)  OF SECTION SIX HUNDRED SIX OF THE TAX LAW SHALL
  NOT  INCREASE THE ASSESSED VALUATION FOR PURPOSES OF REAL PROPERTY TAXA-
  TION OF ANY REAL  PROPERTY  TO  WHICH  SUCH  IMPROVEMENTS  ARE  MADE  OR
  PRODUCTS ARE AFFIXED.
    S  3. This act shall take effect on the first of January next succeed-
  ing the date on which it shall have become a  law  and  shall  apply  to
  taxable years commencing on and after such date.