Bill Text: NY S03426 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-05-02 - REPORTED AND COMMITTED TO FINANCE [S03426 Detail]

Download: New_York-2011-S03426-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3426
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   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
       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:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 43 to read as follows:
    3    43.  CREDIT  FOR  THE  PURCHASE OF VOLTAGE REGULATION TECHNOLOGY.  (A)
    4  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
    5  BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED  BY
    6  THIS  ARTICLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT
    7  OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED  IN  PARAGRAPH
    8  (B)  OF  THIS  SUBDIVISION,  UP  TO  A ONE THOUSAND DOLLAR LIMIT FOR ALL
    9  PURCHASES MADE BY SUCH TAXPAYER.
   10    (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
   11  RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
   12  SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
   13  CREDIT  UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
   14  REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
   15  AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
   16  PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH  AUTHORITY  SHALL  DEVELOP  A
   17  LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
   18  ITS WEBSITE.
   19    (C) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
   20  SUBDIVISION  FOR  ANY  TAXABLE  YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
   21  SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
   22  CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
   23  OF  SECTION  SIX  HUNDRED EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER,
   24  THAT NO INTEREST SHALL BE PAID THEREON.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02528-01-1
       S. 3426                             2
    1    S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    2  of  the  tax  law  is  amended by adding a new clause (xxxii) to read as
    3  follows:
    4  (XXXII) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
    5  VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-THREE OF
    6  SUBSECTION (SS)                      SECTION TWO HUNDRED TEN
    7    S  3. Section 606 of the tax law is amended by adding a new subsection
    8  (ss) to read as follows:
    9    (SS) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
   10  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
   11  BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
   12  THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
   13  OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
   14  TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
   15  PURCHASES MADE BY SUCH TAXPAYER.
   16    (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
   17  RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
   18  SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
   19  CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
   20  REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
   21  AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
   22  PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
   23  LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
   24  ITS WEBSITE.
   25    (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
   26  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   27  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
   28  ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SUBSECTION  (C)  OF
   29  SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
   30  NO INTEREST SHALL BE PAID THEREON.
   31    S 4. This act shall take effect on the first of January next  succeed-
   32  ing  the  date  on  which  it shall have become a law and shall apply to
   33  taxable years commencing on and after such date.