New York S 3803: Provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel and provides a tax credit for electric vessel recharging property

Bill Text

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S03803 Summary:

BILL NOS03803 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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

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Provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel; provides a tax credit for electric vessel recharging property.

Go to top S03803 Actions:

BILL NOS03803 

&nbsp

01/30/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS03803 Committee&nbspVotes:

Go to topS03803 Floor&nbspVotes:

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

Go to topS03803 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3803

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

 Introduced by Sen. PARKER -- 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 providing a tax credit for
 the purchase or conversion of an electric vessel or zero emission
 vessel; and to providing a tax credit for electric vessel recharging
 property

 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. Electric and zero emission vessel tax credit. (a) Allowance of
 4 credit. (1) A taxpayer that purchases a qualifying electric vessel or
 5 zero emission vessel, that meets the eligibility requirements of subdi-
 6 vision (b) of this section and that is subject to tax under article
 7 nine-A or twenty-two of this chapter may claim an electric and zero
 8 emission vessel tax credit against such tax in the taxable year in which
 9 the purchase is made. A taxpayer that converts a vessel to a qualifying
 10 electric vessel or zero emission vessel, that meets the eligibility
 11 requirements of subdivision (b) of this section and that is subject to
 12 tax under article nine-A or twenty-two of this chapter may claim an
 13 electric and zero emission vessel tax credit against such tax in the
 14 taxable year in which the conversion is made.
 15 (2) The amount of the credit allowed under this section shall be
 16 calculated as follows:
 17 (i) in the case of a qualifying electric vessel or zero emission
 18 vessel purchased after December thirty-first, two thousand twenty-five
 19 and before January first, two thousand thirty-one, thirty percent of the
 20 tax imposed upon such purchase pursuant to article twenty-eight of this
 21 chapter;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07763-01-5

 S. 3803 2

 1 (ii) in the case of a qualifying electric vessel or zero emission
 2 vessel purchased during a calendar year after December thirty-first, two
 3 thousand thirty-one and before January first, two thousand thirty-seven,
 4 thirty percent of the tax imposed upon such purchase pursuant to article
 5 twenty-eight of this chapter determined under this paragraph for the
 6 preceding calendar year, reduced by five percentage points for each year
 7 after two thousand thirty-one; and
 8 (iii) in the case of a vessel converted to a qualifying vessel after
 9 December thirty-first, two thousand twenty-five and before January
 10 first, two thousand thirty-one, thirty percent of the tax imposed upon
 11 the cost of such conversion pursuant to article twenty-eight of this
 12 chapter; and
 13 (iv) in the case of a vessel converted to a qualifying vessel during a
 14 calendar year after December thirty-first, two thousand thirty-one and
 15 before January first, two thousand thirty-seven, thirty percent of the
 16 tax imposed upon the cost of such conversion pursuant to article twen-
 17 ty-eight of this chapter determined under this paragraph for the preced-
 18 ing calendar year, reduced by five percentage points for each year after
 19 two thousand thirty-one.
 20 (3) No credit shall be allowed for a qualifying vessel purchased or
 21 converted after December thirty-first, two thousand thirty-seven.
 22 (4) A taxpayer that is a partner in a partnership, member of a limited
 23 liability company or shareh