Bill Text: NY A07154 | 2009-2010 | General Assembly | Introduced
Bill Title: Allows tax credit for the purchase of voltage regulation technology; provides that standards are to be set by NYSERDA; specifies that the credit shall be equal to the cost of voltage regulation technology; specifies that credit shall be carried over to future taxable years not to exceed January 1, 2013.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A07154 Detail]
Download: New_York-2009-A07154-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7154
2009-2010 Regular Sessions
I N A S S E M B L Y
March 25, 2009
___________
Introduced by M. of A. ALESSI -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit for
voltage regulation technology
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 210 of the tax law is amended by adding a new
2 subdivision 41 to read as follows:
3 41. CREDIT FOR VOLTAGE REGULATION TECHNOLOGY. (A) ALLOWANCE AND
4 AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED
5 AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTI-
6 CLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE COST OF VOLTAGE
7 REGULATION TECHNOLOGY AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION.
8 (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
9 RESEARCH AND DEVELOPMENT AUTHORITY SHALL ADOPT RULES AND REGULATIONS
10 SETTING FORTH VOLTAGE REGULATION TECHNOLOGIES WHICH QUALIFY FOR THE
11 CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
12 REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
13 AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
14 PERCENT OF THE ELECTRICAL LOAD CURVE.
15 (C) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
16 SUBDIVISION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
17 SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS
18 AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS BUT
19 IN NO EVENT SHALL SUCH CREDIT BE CARRIED OVER TO TAXABLE YEARS COMMENC-
20 ING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN.
21 S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
22 of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
23 the laws of 2008, is amended to read as follows:
24 (B) shall be treated as the owner of a new business with respect to
25 such share if the corporation qualifies as a new business pursuant to
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10285-01-9
A. 7154 2
1 paragraph (j) of subdivision twelve of section two hundred ten of this
2 chapter.
3 The corporation's credit base under
4 section two hundred ten or section
5 With respect to the following fourteen hundred fifty-six of this
6 credit under this section: chapter is:
7 (I) Investment tax credit under Investment credit base or qualified
8 subsection (a) rehabilitation expenditures under
9 subdivision twelve of section two
10 hundred ten
11 (II) Empire zone investment Cost or other basis under
12 tax credit under subsection (j) subdivision twelve-B of section
13 two hundred ten
14 (III) Empire zone wage tax credit Eligible wages under subdivision
15 under subsection (k) nineteen of section two hundred
16 ten or subsection (e) of section
17 fourteen hundred fifty-six
18 (IV) Empire zone capital tax Qualified investments and
19 credit under subsection (l) contributions under subdivision
20 twenty of section two hundred ten
21 or subsection (d) of section
22 fourteen hundred fifty-six
23 (V) Agricultural property tax Allowable school district property
24 credit under subsection (n) taxes under subdivision twenty-two
25 of section two hundred ten
26 (VI) Credit for employment of Qualified first-year wages or
27 persons with disabilities qualified second-year wages under
28 under subsection (o) subdivision twenty-three of
29 section two hundred ten or
30 subsection (f) of section
31 fourteen hundred fifty-six
32 (VII) Employment incentive credit Applicable investment credit base
33 under subsection (a-1) under subdivision twelve-D of
34 section two hundred ten
35 (VIII) Empire zone employment Applicable investment credit
36 incentive credit under subsection under subdivision twelve-C of
37 (j-1) section two hundred ten
38 (IX) Alternative fuels credit Cost under subdivision twenty-four
39 under subsection (p) of section two hundred ten
40 (X) Qualified emerging technology Applicable credit base under
41 company employment credit under subdivision twelve-E of section
42 subsection (q) two hundred ten
A. 7154 3
1 (XI) Qualified emerging technology Qualified investments under
2 company capital tax credit under subdivision twelve-F of section
3 subsection (r) two hundred ten
4 (XII) Credit for purchase of an Cost of an automated external
5 automated external defibrillator defibrillator under subdivision
6 under subsection (s) twenty-five of section two hundred
7 ten or subsection (j) of section
8 fourteen hundred fifty-six
9 (XIII) Low-income housing credit Credit amount under subdivision
10 under subsection (x) thirty of section two hundred ten
11 or subsection (l) of section
12 fourteen hundred fifty-six
13 (XIV) Credit for transportation Amount of credit under subdivision
14 improvement contributions under thirty-two of section two hundred
15 subsection (z) ten or subsection (n) of section
16 fourteen hundred fifty-six
17 (XV) QEZE credit for real property Amount of credit under subdivision
18 taxes under subsection (bb) twenty-seven of section two hundred
19 ten or subsection (o) of section
20 fourteen hundred fifty-six
21 (XVI) QEZE tax reduction credit Amount of benefit period factor,
22 under subsection (cc) employment increase factor and zone
23 allocation factor (without regard
24 to pro ration) under subdivision
25 twenty-eight of section two hundred
26 ten or subsection (p) of section
27 fourteen hundred fifty-six and
28 amount of tax factor as determined
29 under subdivision (f) of section
30 sixteen
31 (XVII) Green building credit under Amount of green building credit
32 subsection (y) under subdivision thirty-one of
33 section two hundred ten or
34 subsection (m) of section fourteen
35 hundred fifty-six
36 (XVIII) Credit for long-term care Qualified costs under subdivision
37 insurance premiums under subsection twenty-five-a of section two
38 (aa) hundred ten or subsection (k) of
39 section fourteen hundred fifty-six
40 (XIX) Brownfield redevelopment Amount of credit under subdivision
41 credit under subsection (dd) thirty-three of section two hundred
42 ten or subsection (q) of section
43 fourteen hundred fifty-six
44 (XX) Remediated brownfield credit Amount of credit under subdivision
45 for real property taxes for thirty-four of section two hundred
46 qualified sites under subsection ten or subsection (r) of section
47 (ee) fourteen hundred fifty-six
A. 7154 4
1 (XXI) Environmental remediation Amount of credit under subdivision
2 insurance credit under subsection thirty-five of section two hundred
3 (ff) ten or subsection (s) of section
4 fourteen hundred fifty-six
5 (XXII) Empire state film production Amount of credit for qualified
6 credit under subsection (gg) production costs in production of a
7 qualified film under subdivision
8 thirty-six of section two hundred
9 ten
10 (XXIII) Qualified emerging Qualifying expenditures and
11 technology company facilities, development activities under
12 operations and training credit subdivision twelve-G of section two
13 under subsection (nn) hundred ten
14 (XXIV) Security training tax credit Amount of credit under subdivision
15 under subsection (ii) thirty-seven of section two hundred
16 ten or under subsection (t) of
17 section fourteen hundred fifty-six
18 (XXV) Credit for qualified fuel Amount of credit under subdivision
19 cell electric generating equipment thirty-seven of section two hundred
20 expenditures under subsection (g-2) ten or subsection (t) of section
21 fourteen hundred fifty-six
22 (XXVI) Empire state commercial Amount of credit for qualified
23 production credit under subsection production costs in production of
24 (jj) a qualified commercial under
25 subdivision thirty-eight of
26 section two hundred ten
27 (XXVII) Biofuel production tax Amount of credit under subdivision
28 credit under subsection (jj) thirty-eight of section two hundred
29 ten
30 (XXVIII) Clean heating fuel credit Amount of credit under subdivision
31 under subsection (mm) thirty-nine of section two hundred
32 ten
33 (XXIX) Credit for rehabilitation Amount of credit under subdivision
34 of historic properties under forty of [subsection] SECTION
35 subsection (oo) two hundred ten
36 (XXX) Credit for companies who Amount of credit under subdivision
37 provide transportation to forty of section two hundred ten
38 individuals with disabilities under
39 subsection (oo)
40 (XXXI) CREDIT FOR VOLTAGE AMOUNT OF CREDIT UNDER
41 REGULATION TECHNOLOGY UNDER SUBDIVISION FORTY-ONE OF
42 SUBSECTION (QQ) SECTION TWO HUNDRED TEN
43 S 3. Section 606 of the tax law is amended by adding a new subsection
44 (qq) to read as follows:
A. 7154 5
1 (QQ) CREDIT FOR VOLTAGE REGULATION TECHNOLOGY. (1) ALLOWANCE AND
2 AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED
3 AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
4 THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE COST OF VOLTAGE REGU-
5 LATION TECHNOLOGY AS PROVIDED IN PARAGRAPH (B) OF THIS SUBSECTION.
6 (2) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
7 RESEARCH AND DEVELOPMENT AUTHORITY SHALL ADOPT RULES AND REGULATIONS
8 SETTING FORTH VOLTAGE REGULATION TECHNOLOGIES WHICH QUALIFY FOR THE
9 CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
10 REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
11 AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
12 PERCENT OF THE ELECTRICAL LOAD CURVE.
13 (3) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
14 SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
15 YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND
16 MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS BUT IN NO
17 EVENT SHALL SUCH CREDIT BE CARRIED OVER TO TAXABLE YEARS COMMENCING ON
18 OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN.
19 S 4. This act shall take effect on the first of January next succeed-
20 ing the date on which it shall have become a law and shall apply to
21 taxable years commencing on and after such date; provided, however, that
22 the empire state film production credit under subsection (gg), the
23 empire state commercial production credit under subsection (jj) and the
24 credit for companies who provide transportation to individuals with
25 disabilities under subsection (oo) of section 606 of the tax law
26 contained in section two of this act shall expire on the same date as
27 provided in section 9 of part P of chapter 60 of the laws of 2004, as
28 amended, section 10 of part V of chapter 62 of the laws of 2006, as
29 amended and section 5 of chapter 522 of the laws of 2006, as amended,
30 respectively.
