New York A 2040: Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards

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A02040 Summary:

BILL NOA02040 

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SAME ASNo Same As

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SPONSORStirpe

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards.

Go to top A02040 Actions:

BILL NOA02040 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02040 Committee&nbspVotes:

Go to topA02040 Floor&nbspVotes:

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

Go to topA02040 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2040

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. STIRPE -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to establishing the green
 building credit

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

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (qqq) to read as follows:
 3 (qqq) Green building credit. (1) Allowance of credit. A taxpayer shall
 4 be allowed a credit against the tax imposed by this article provided
 5 that such taxpayer constructs or rehabilitates qualifying residential
 6 real property in conformity with energy efficiency standards established
 7 by the National Association of Home Builders or the Leadership in Energy
 8 and Environmental Design rating system developed by the United States
 9 green building council and fashions proof thereof in accordance with
 10 rules and regulations promulgated by the commissioner of the department
 11 of environmental conservation in conjunction with the commissioner.
 12 (2) Amount of credit. The amount of the credit shall be equal to the
 13 allowable costs paid or incurred by the taxpayer, if the owner, for
 14 either the construction or rehabilitation of qualifying residential real
 15 property in conformity with energy efficiency standards established by
 16 the National Association of Home Builders or the Leadership in Energy
 17 and Environmental Design rating system developed by the United States
 18 green building council; provided, however, that such credit shall not
 19 exceed ten thousand dollars and shall not be awarded more than once in a
 20 period of ten years.
 21 (3) For the purpose of this subsection, "allowable costs" means
 22 amounts properly chargeable to an account (other than for land), which
 23 are paid or incurred on or after January first, two thousand twenty-six,
 24 for: construction or rehabilitation; commissioning costs; interest paid
 25 or incurred during the construction or rehabilitation period; legal,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03546-01-5

 A. 2040 2

 1 architectural, engineering and other professional fees allocable to
 2 construction or rehabilitation; closing costs for construction, rehabil-
 3 itation or mortgage loans; recording taxes and filing fees incurred with
 4 respect to construction or rehabilitation; site costs (such as temporary
 5 electric wiring, scaffolding, demolition costs, and fencing and security
 6 facilities); and costs of furniture, carpeting, partitions, walls and
 7 wall coverings, ceilings, drapes, blinds, lighting, plumbing, electrical
 8 wiring and ventilation; provided that such costs shall not include the
 9 cost of telephone systems and computers (other than electrical wiring
 10 costs) and shall not include the cost of fuel cells or photovoltaic
 11 modules (including installation) or the cost of new air conditioning
 12 equipment using an EPA-approved non-ozone depleting refrigerant or other
 13 EPA-approved refrigerant approved by the commissioner of environmental
 14 conservation (excluding installation).
 15 (4) For the purposes of this subsection "qualifying residential real
 16 property" shall mean the principal place of residence of an individual
 17 taxpayer who claims a credit pursuant to this subsection. In the event
 18 that such place of residence is a multiple dwelling, as defined by
 19 subdivision seven of section four of the multiple dwelling law, allow-
 20 able costs shall only constitut