New York A 1832: Authorizes a personal income tax credit for residential solar energy systems

Bill Text

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A01832 Summary:

BILL NOA01832 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRozic

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

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Authorizes a personal income tax credit for solar energy systems purchased and installed on any residential property owned by a taxpayer.

Go to top A01832 Actions:

BILL NOA01832 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01832 Committee&nbspVotes:

Go to topA01832 Floor&nbspVotes:

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

Go to topA01832 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1832

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to the personal income tax
 credit for residential solar energy systems

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

 1 Section 1. Paragraph 1 of subsection (g-1) of section 606 of the tax
 2 law, as amended by chapter 375 of the laws of 2012, is amended to read
 3 as follows:
 4 (1) General. An individual taxpayer shall be allowed a credit against
 5 the tax imposed by this article for each property with qualified solar
 6 energy system equipment expenditures equal to twenty-five percent of
 7 such qualified solar energy system equipment expenditures, except as
 8 provided in subparagraph (D) of paragraph two of this subsection. This
 9 credit shall not exceed three thousand seven hundred fifty dollars for
 10 qualified solar energy equipment placed in service before September
 11 first, two thousand six, and five thousand dollars for qualified solar
 12 energy equipment placed in service on or after September first, two
 13 thousand six.
 14 § 2. Subparagraph (A) of paragraph 2 of subsection (g-1) of section
 15 606 of the tax law, as amended by chapter 375 of the laws of 2012, is
 16 amended to read as follows:
 17 (A) The term "qualified solar energy system equipment expenditures"
 18 means expenditures for:
 19 (i) the purchase of solar energy system equipment which is installed
 20 in connection with residential property which is (I) located in this
 21 state and (II) which is [used] owned by the taxpayer [as his or her
 22 principal residence] at the time the solar energy system equipment is
 23 placed in service;
 24 (ii) the lease of solar energy system equipment under a written agree-
 25 ment that spans at least ten years where such equipment owned by a

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04627-01-5

 A. 1832 2

 1 person other than the taxpayer is installed in connection with residen-
 2 tial property which is (I) located in this state and (II) which is
 3 [used] owned by the taxpayer [as his or her principal residence] at the
 4 time the solar energy system equipment is placed in service; or
 5 (iii) the purchase of power under a written agreement that spans at
 6 least ten years whereunder the power purchased is generated by solar
 7 energy system equipment owned by a person other than the taxpayer which
 8 is installed in connection with residential property which is (I)
 9 located in this state and (II) which is [used] owned by the taxpayer [as
 10 his or her principal residence] at the time the solar energy system
 11 equipment is placed in service.
 12 § 3. Paragraph 4 of subsection (g-1) of section 606 of the tax law, as
 13 amended by chapter 378 of the laws of 2005, is amended to read as
 14 follows:
 15 (4) Multiple taxpayers. Where solar energy system equipment is
 16 purchased and installed in a [principal residence shared] residential
 17 property owned by two or more taxpayers, the amount of the credit allow-
 18 able under this subsection for each such taxpayer shall be prorated
 19 according to the percentage of the total expenditure for such solar
 20 energy system equipment contributed by each taxpayer.
 21 § 4. Paragraph 5 of subsection (g-1) of section 606 of the tax law, as
 22 added by chapter 128 of the laws of 2007, is amended to read as follows:
 23 (5) Proportionate share. Where solar energy system equipment is
 24 purchased and ins