S7142-2011 Actions

• May 1, 2012: REFERRED TO ENERGY AND TELECOMMUNICATIONS

S7142-2011 Memo

BILL NUMBER:S7142

TITLE OF BILL:

An act
to amend the tax law, in relation to exempting from sales and use taxes
any geothermal systems

PURPOSE:

To grant a sales and use tax exemption to persons installing any
geothermal systems.

SUMMARY OF PROVISIONS:

Section 1 Subdivision (a) of section 1115 of the tax law is amended by
adding paragraph 44 which exempts sale or purchase of any geothermal
system from sales and use taxes.

JUSTIFICATION:

A sales and use tax exemption for geothermal systems is an appropriate
incentive to encourage more homeowners to install such systems. An
increase in geothermal systems will lead to energy savings and an
increase in use of renewable energy.

LEGISLATIVE HISTORY:

New Bill.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

Immediately.

S7142-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7142
 I N  SENATE
 May 1, 2012
 
 Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
 printed to be committed to the Committee on  Energy  and  Telecommuni
 cations
 

AN ACT to amend the tax law, in relation to exempting from sales and use
 taxes any geothermal systems
 

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

 

Section 1. Subdivision (a) of section 1115 of the tax law  is  amended
 by adding a new paragraph 44 to read as follows:

 (44) SALE OR PURCHASE OF ANY GEOTHERMAL SYSTEMS.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05552-01-1

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