New York A 10578: Creates a small business grid renewable energy tax credit

Bill Text

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A10578 Summary:

BILL NOA10578 

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SAME ASNo Same As

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SPONSORHyndman

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COSPNSR

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Creates a small business grid renewable energy tax credit; provides the term "business related renewable energy usage" shall refer to renewable power usage used to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared renewable energy power usage cost.

Go to top A10578 Actions:

BILL NOA10578 

&nbsp

03/13/2026referred to ways and means

Go to topA10578 Committee&nbspVotes:

Go to topA10578 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10578 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10578

 IN ASSEMBLY

 March 13, 2026
 ___________

 Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to a small business grid renew-
 able energy tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 63 to read as follows:
 3 63. Small business grid renewable energy tax credit. (a) A taxpayer
 4 that is eligible under the limitations specified in paragraph (b) of
 5 this subdivision shall be allowed a credit against the tax imposed by
 6 this article. The amount of the credit shall be equal to twenty percent
 7 of the cost of conversion from electric or gas to renewable energy.
 8 (b) An eligible taxpayer shall (i) have no more than nineteen full
 9 time equivalent employees in New York state, including any related
 10 members or affiliates, (ii) not be a sole-proprietorship if such sole-
 11 proprietor's primary business location is sited in or part of such sole-
 12 proprietor's place of residence, (iii) not be certified pursuant to
 13 article eighteen-B of the general municipal law, (iv) not be receiving
 14 any allocation or award pursuant to any program authorized under article
 15 six of the economic development law, and (v) shall be located within a
 16 certain radius of other qualified small businesses.
 17 (c) (i) The term "business related renewable energy usage" shall refer
 18 to renewable energy power usage used to further the economic activity of
 19 the taxpayer at the primary business location that is clearly delimited
 20 from any shared renewable energy power usage cost. (ii) The term
 21 "primary business location" shall mean the physical site of the taxpayer
 22 within the state of New York where the majority of the taxpayer's
 23 economic activity is generated or coordinated through. (iii) The term
 24 "related members" shall have the same meaning as set forth in clauses
 25 (A) and (B) of subparagraph one of paragraph (o) of subdivision nine of
 26 section two hundred eight of this article, and the term "affiliates"
 27 shall mean those corporations that are members of the same affiliated

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06171-03-6

 A. 10578 2

 1 group (as defined in section fifteen hundred four of the internal reven-
 2 ue code) as the taxpayer.
 3 (d) The credit allowed under this subdivision for any taxable year
 4 shall not reduce the tax due for such year to less than the higher of
 5 the amounts prescribed in paragraph (d) of subdivision one of section
 6 two hundred ten of this article. However, if the amount of credit
 7 allowed under this subdivision for any taxable year reduces the tax to
 8 such amount, any amount of credit not deductible in such taxable year
 9 shall be treated as an overpayment of tax to be credited or refunded in
 10 accordance with the provisions of section one thousand eighty-six of
 11 this chapter. Provided, however, the provisions of subsection (c) of
 12 section one thousand eighty-eight of this chapter notwithstanding, no
 13 interest shall be paid thereon.
 14 § 2. Section 606 of the tax law is amended by adding a new subsection
 15 (bbb) to read as follows:
 16 (bbb) Small business grid renewable energy tax credit. (1) A taxpayer
 17 that is eligible under the limitations specified in