S3426A-2011 Actions

• May 2, 2012: REPORTED AND COMMITTED TO FINANCE
• Jan 26, 2012: PRINT NUMBER 3426A
• Jan 26, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Feb 22, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S3426A-2011 Meetings

S3426A-2011 Votes

S3426A-2011 Memo

BILL NUMBER:S3426

TITLE OF BILL:
An act
to amend the tax law, in relation to providing a tax credit for the
purchase of voltage regulation technology

SUMMARY OF PROVISIONS:
This bill amends the Tax Law.

Section 1 amends Section 210 of the Tax Law, by adding a new
subdivision 43 creating a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the cost of voltage regulation technology, up to one
thousand dollars, for all purchases made by such taxpayer

Section 2 amends subparagraph (B) of subdivision I of subsection (i)
of Section 606 of the Tax Law, relating to S corporations, adds the
voltage regulation technology tax credit under subsection (qq).

Section 3 amends section 606 by adding a new subsection (ss).
This subsection provides for a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the purchase price of such technology up to a one
thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of
January next succeeding the date on which it shall have become law,
and shall apply to taxable years commencing after such date, further
providing that the empire state film production credit under
subsection (gg), the empire state commercial production credit under
subsection (jj) and the credit for companies who provide
transportation to individuals with disabilities under subsection (00)
of section 606 of the Tax Law contained in section 3 of this act
shall expire on the same date as provided in section 9 of part P of
Chapter 60 of the Laws of 2004, as amended, section 10 of part v of
Chapter 62 of the Laws of 2006, as amended and section 5 of Chapter
522 of the Laws of2006, as amended, respectively.

PURPOSE AND JUSTIFICATION:
Demand for electricity continues to
increase in New York. Supplying such increased demand must eventually
lead to construction of new power plants, increased carbon emissions
and increased demand for foreign oil. It makes more sense to increase
efficiency, when possible, both to reduce energy costs for homeowners
and businesses and to reduce the need fur more electricity. This bill
gives added incentive to taxpayers to invest in voltage regulation
technology that will allow them to use electricity more efficiently,
reducing their costs while at the same time helping our environment.

PRIOR LEGISLATIVE HISTORY:
2009-10 - S.3519 -- INVESTIGATIONS

FISCAL IMPLICATIONS:


To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

S3426A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 3426--A
 2011-2012 Regular Sessions
 I N  SENATE
 February 22, 2011
 
 Introduced by Sens. RANZENHOFER, LARKIN -- read twice and ordered print
 ed,  and  when  printed  to  be committed to the Committee on Investi
 gations and Government 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 providing a tax credit for
 the purchase of voltage regulation technology
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1. 

Section  210  of  the  tax law is amended by adding a new
 subdivision 45 to read as follows:

 45. CREDIT FOR THE PURCHASE OF VOLTAGE  REGULATION  TECHNOLOGY.    (A)
 ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
 BE  COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY
 THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
 OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
 (B) OF THIS SUBDIVISION, UP TO A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
 PURCHASES MADE BY SUCH TAXPAYER.
 (B)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
 RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
 SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
 CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL  BE
 REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
 AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
 PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
 LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
 ITS WEBSITE.
 (C)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
 SUBDIVISION 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
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02528-02-2
 
       S. 3426--A                          2
 CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
 OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS  CHAPTER,  PROVIDED,  HOWEVER,
 THAT NO INTEREST SHALL BE PAID THEREON.
 

S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
 follows:

 (XXXIV) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
 VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-FIVE OF
 SUBSECTION (UU)                      SECTION TWO HUNDRED TEN
 

S  3.

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

 (UU) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
 ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
 BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
 THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
 OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
 TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
 PURCHASES MADE BY SUCH TAXPAYER.
 (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
 RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
 SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
 CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
 REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
 AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
 PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. 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  SUBSECTION  (C)  OF
 SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
 NO INTEREST SHALL BE PAID THEREON.
 

S 4. 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.

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