New York S 4438: Establishes a hydroelectric power tax credit

Bill Text

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S04438 Summary:

BILL NOS04438 

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SAME ASNo Same As

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SPONSORASHBY

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COSPNSRRHOADS

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MLTSPNSR

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Add §§50 & 187-s, amd §§210-B, 606 & 1511, Tax L

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Establishes a hydroelectric power tax credit.

Go to top S04438 Actions:

BILL NOS04438 

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02/05/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS04438 Committee&nbspVotes:

Go to topS04438 Floor&nbspVotes:

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

Go to topS04438 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4438

 2025-2026 Regular Sessions

 IN SENATE

 February 5, 2025
 ___________

 Introduced by Sen. ASHBY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to establishing a hydroelectric
 power tax credit

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

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Hydroelectric power credit. (a) Allowance of credit. A taxpayer
 4 subject to tax under article nine, nine-a, twenty-two or thirty-three of
 5 this chapter shall be allowed a hydroelectric power credit against such
 6 tax, for fifty percent of the cost of any licensing or relicensing fees
 7 assessed by any state or federal agency.
 8 (b) Cross-references. For application of the credit provided for in
 9 this section, see the following provisions of this chapter:
 10 (1) article 9: section 187-s;
 11 (2) article 9-A: section 210-B, subdivision 61;
 12 (3) article 22: section 606, subsections (i) and (bbb);
 13 (4) article 33: section 1511, subdivision (ff).
 14 § 2. The tax law is amended by adding a new section 187-s to read as
 15 follows:
 16 § 187-s. Hydroelectric power credit. 1. Allowance of credit. A taxpay-
 17 er shall be allowed a credit, to be computed as provided in section
 18 fifty of this chapter, against the taxes imposed by sections one hundred
 19 eighty-three, one hundred eighty-four and former section one hundred
 20 eighty-six of this article. Provided, however, that the amount of such
 21 credit allowable against the tax imposed by section one hundred eighty-
 22 four of this article shall be the excess of the amount of such credit
 23 over the amount of any credit allowed by this section against the tax
 24 imposed by section one hundred eighty-three of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08940-01-5

 S. 4438 2

 1 2. Carryover. In no event shall the credit under this section be
 2 allowed in an amount which will reduce the tax payable to less than the
 3 applicable minimum tax fixed by section one hundred eighty-three or
 4 former section one hundred eighty-six of this article. If, however, the
 5 amount of credit allowable under this section for any taxable year
 6 reduces the tax to such amount, any amount of credit not deductible in
 7 such taxable year may be carried over to the following year or years and
 8 may be deducted from the taxpayer's tax for such year or years.
 9 § 3. Section 210-B of the tax law is amended by adding a new subdivi-
 10 sion 61 to read as follows:
 11 61. Hydroelectric power credit. (a) Allowance of credit. A taxpayer
 12 shall be allowed a credit, to be computed as provided in section fifty
 13 of this chapter, against the tax imposed by this article.
 14 (b) Carryover. The credit allowed under this subdivision for any taxa-
 15 ble year shall not reduce the tax due for such year to less than the
 16 amount prescribed in paragraph (d) of subdivision one of section two
 17 hundred ten of this article. However, if the amount of credit allowable
 18 under this subdivision for any taxable year reduces the tax to such
 19 amount or if the taxpayer otherwise pays tax based on the fixed dollar
 20 minimum amount, any amount of credit not deductible in such taxable year
 21 may be carried over to the following year or years, and may be deducted
 22 from the qualified employer's tax for such years.
 23 § 4. Subparagraph (B) of paragraph 1 of su