Albany, NY State Senator Tony Avella and Assemblyman Steven Otis today announced that the green building tax credit bill, which would allow homeowners to apply for tax credits to incentivize environmentally-friendly building, passed the Assembly. The bill has now passed both houses, and will be delivered to the Governors desk.
Many builders and homeowners are deterred from building green homes because of the high cost of construction and additional expenses associated with the process. By simplifying the application process, the legislation will increase individual homeowner access to existing tax credits.
Currently, the tax credits available for green buildings are inaccessible to homeowners. The legislation will make green building tax credits accessible to homeowners whose homes have been certified as green by the National Association of Homeowners (NAHB) or Leadership in Energy and Environmental Design (LEED). Homeowners who install things such as low-flow plumbing, energy-efficient appliances and energy-efficient heating and cooling systems would be eligible to become green certified by NAHB and LEED. These certifications can then be used to apply for certain tax credits.
"Many homeowners are eager to make their homes more energy efficient. This bill makes green buildings tax credits more accessible to individual homeowners and will encourage the construction of environmentally-friendly homes, said Assemblyman Otis.
As we head into an uncertain environmental future, it is our responsibility to both encourage sustainable practices as well as support homeowners who want to invest in climate-friendly home changes. This bill does exactly that. By streamlining the application process, this bill expands access to tax credits while providing an incentive for more New Yorkers to build environmentally-friendly homes, said Senator Avella.
If approved, homeowners are eligible to receive a credit of up to $10,000 per year, once every 10 years, through personal income tax returns.
"Buildings account for up to three quarters of New York's greenhouse gas emissions so increasing efficiency is a critical tool toward climate mitigation efforts. Cutting red tape for homeowners seeking to build green will help achieve success in that endeavor and we applaud Senator Avella and Assemblyman Otis for their leadership on this bill," said Marcia Bystryn, President of the New York League of Conservation Voters.