NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4127
TITLE OF BILL:
An act to amend the tax law, in relation to the personal income tax
credit for residential solar energy systems
PURPOSE OF BILL:
To expand the Solar Energy System Equipment Credit to apply to secondary
SUMMARY OF PROVISIONS:
Sections one, two, three, and four of this bill expand the applicability
of the Solar Energy System Equipment Credit to apply to secondary resi-
dences by amending definitions and applicability to support the credit
expansion by making it applicable to any homes a taxpayer owns not only
Section five sets the effective date.
The Solar Energy System Equipment Credit provides funding to primary
residences to encourage homeowners to invest in solar energy systems.
However, the need for solar energy systems in New York extends beyond
single residences - owners of more than one residence and other small
landowners should be able to qualify for the credit as well.
Solar energy is a long-term, low-risk investment for homeowners when it
comes to saving money on energy. Additionally, increased property values
and environmental benefits make solar energy both lucrative and sustain-
able. This bill would remove restrictions from the program to allow for
additional residences to also receive credit for solar energy system
equipment, further promoting renewable solar energy in New York.
PRIOR LEGISLATIVE HISTORY:
This is a new bill in the Assembly.
To be determined.
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law and shall apply to taxable
years beginning on and after such date.