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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3426--A
                              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 -- 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:
    1    Section  1.  Section  210  of  the  tax law is amended by adding a new
    2  subdivision 45 to read as follows:
    3    45. 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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02528-02-2
       S. 3426--A                          2
    1  CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
    2  OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS  CHAPTER,  PROVIDED,  HOWEVER,
    3  THAT NO INTEREST SHALL BE PAID THEREON.
    4    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    5  of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
    6  follows:
    7  (XXXIV) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
    8  VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-FIVE OF
    9  SUBSECTION (UU)                      SECTION TWO HUNDRED TEN
   10    S  3. Section 606 of the tax law is amended by adding a new subsection
   11  (uu) to read as follows:
   12    (UU) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
   13  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
   14  BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
   15  THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
   16  OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
   17  TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
   18  PURCHASES MADE BY SUCH TAXPAYER.
   19    (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
   20  RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
   21  SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
   22  CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
   23  REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
   24  AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
   25  PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
   26  LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
   27  ITS WEBSITE.
   28    (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
   29  SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
   30  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
   31  ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SUBSECTION  (C)  OF
   32  SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
   33  NO INTEREST SHALL BE PAID THEREON.
   34    S 4. This act shall take effect on the first of January next  succeed-
   35  ing  the  date  on  which  it shall have become a law and shall apply to
   36  taxable years commencing on and after such date.