S T A T E   O F   N E W   Y O R K
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                                 3945--A
    Cal. No. 357

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 24, 2015
                               ___________

Introduced by Sens. AVELLA, PANEPINTO -- read twice and ordered printed,
  and  when  printed  to be committed to the Committee on Investigations
  and Government  Operations  --  committee  discharged  and  said  bill
  committed  to  the  Committee  on Rules -- ordered to a third reading,
  amended and ordered reprinted, retaining its place  in  the  order  of
  third reading

AN  ACT  to  amend  the  tax  law, in relation to establishing the green
  building credit

  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 (ccc) to read as follows:
  (CCC) GREEN BUILDING CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE  PROVIDED
THAT  SUCH  TAXPAYER  CONSTRUCTS OR REHABILITATES QUALIFYING RESIDENTIAL
REAL PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS ESTABLISHED
BY THE NATIONAL ASSOCIATION OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
AND ENVIRONMENTAL DESIGN RATING SYSTEM DEVELOPED BY  THE  UNITED  STATES
GREEN  BUILDING  COUNCIL  AND  FASHIONS PROOF THEREOF IN ACCORDANCE WITH
RULES AND REGULATIONS PROMULGATED BY THE COMMISSIONER OF THE  DEPARTMENT
OF ENVIRONMENTAL CONSERVATION IN CONJUNCTION WITH THE COMMISSIONER.
  (2)  AMOUNT  OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
ALLOWABLE COSTS PAID OR INCURRED BY THE  TAXPAYER,  IF  THE  OWNER,  FOR
EITHER THE CONSTRUCTION OR REHABILITATION OF QUALIFYING RESIDENTIAL REAL
PROPERTY  IN  CONFORMITY WITH ENERGY EFFICIENCY STANDARDS ESTABLISHED BY
THE NATIONAL ASSOCIATION OF HOME BUILDERS OR THE  LEADERSHIP  IN  ENERGY
AND  ENVIRONMENTAL  DESIGN  RATING SYSTEM DEVELOPED BY THE UNITED STATES
GREEN BUILDING COUNCIL; PROVIDED, HOWEVER, THAT SUCH  CREDIT  SHALL  NOT
EXCEED TEN THOUSAND DOLLARS AND SHALL NOT BE AWARDED MORE THAN ONCE IN A
PERIOD OF TEN YEARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08978-02-5
              

S. 3945--A                          2

  (3)  FOR  THE  PURPOSE  OF  THIS  SUBSECTION,  "ALLOWABLE COSTS" MEANS
AMOUNTS PROPERLY CHARGEABLE TO AN ACCOUNT (OTHER THAN FOR  LAND),  WHICH
ARE  PAID  OR  INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN,
FOR:  CONSTRUCTION OR REHABILITATION; COMMISSIONING COSTS; INTEREST PAID
OR  INCURRED  DURING  THE  CONSTRUCTION OR REHABILITATION PERIOD; LEGAL,
ARCHITECTURAL, ENGINEERING AND  OTHER  PROFESSIONAL  FEES  ALLOCABLE  TO
CONSTRUCTION OR REHABILITATION; CLOSING COSTS FOR CONSTRUCTION, REHABIL-
ITATION OR MORTGAGE LOANS; RECORDING TAXES AND FILING FEES INCURRED WITH
RESPECT TO CONSTRUCTION OR REHABILITATION; SITE COSTS (SUCH AS TEMPORARY
ELECTRIC WIRING, SCAFFOLDING, DEMOLITION COSTS, AND FENCING AND SECURITY
FACILITIES);  AND  COSTS  OF FURNITURE, CARPETING, PARTITIONS, WALLS AND
WALL COVERINGS, CEILINGS, DRAPES, BLINDS, LIGHTING, PLUMBING, ELECTRICAL
WIRING AND VENTILATION; PROVIDED THAT SUCH COSTS SHALL NOT  INCLUDE  THE
COST  OF  TELEPHONE  SYSTEMS AND COMPUTERS (OTHER THAN ELECTRICAL WIRING
COSTS) AND SHALL NOT INCLUDE THE COST  OF  FUEL  CELLS  OR  PHOTOVOLTAIC
MODULES  (INCLUDING  INSTALLATION)  OR  THE COST OF NEW AIR CONDITIONING
EQUIPMENT USING AN EPA-APPROVED NON-OZONE DEPLETING REFRIGERANT OR OTHER
EPA-APPROVED REFRIGERANT APPROVED BY THE COMMISSIONER  OF  ENVIRONMENTAL
CONSERVATION (EXCLUDING INSTALLATION).
  (4)  FOR  THE PURPOSES OF THIS SUBSECTION "QUALIFYING RESIDENTIAL REAL
PROPERTY" SHALL MEAN THE PRINCIPAL PLACE OF RESIDENCE OF  AN  INDIVIDUAL
TAXPAYER  WHO  CLAIMS A CREDIT PURSUANT TO THIS SUBSECTION. IN THE EVENT
THAT SUCH PLACE OF RESIDENCE IS  A  MULTIPLE  DWELLING,  AS  DEFINED  BY
SUBDIVISION  SEVEN  OF SECTION FOUR OF THE MULTIPLE DWELLING LAW, ALLOW-
ABLE  COSTS  SHALL  ONLY  CONSTITUTE  THOSE  COSTS   INCURRED   DUE   TO
CONSTRUCTION OR REHABILITATION UNDERTAKEN ON THE PORTION OF THE DWELLING
THAT CONSTITUTES AN INDIVIDUAL TAXPAYER'S UNIT.
  (5)  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
MAY  BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS FOR UP TO FIVE YEARS
AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  (6) THE COMMISSIONER OF THE DEPARTMENT OF ENVIRONMENTAL  CONSERVATION,
IN  CONJUNCTION  WITH  THE COMMISSIONER, SHALL PROMULGATE SUCH RULES AND
REGULATIONS AS MAY BE NECESSARY  FOR  THE  DISTRIBUTION  OF  THE  CREDIT
ESTABLISHED BY THIS SUBSECTION.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2015.