New York A 2493: Relates to a tax credit for the installation of electrical outlets for charging electric cars in certain parking garages

Bill Text

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A02493 Summary:

BILL NOA02493 

&nbsp

SAME ASNo Same As

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SPONSORDinowitz

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COSPNSR

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Establishes a tax credit for the installation of electrical outlets for charging electric cars in certain parking garages owned by condominium management associations or cooperative housing corporations.

Go to top A02493 Actions:

BILL NOA02493 

&nbsp

01/17/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02493 Committee&nbspVotes:

Go to topA02493 Floor&nbspVotes:

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

Go to topA02493 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2493

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to establishing a tax credit
 for condominium and cooperative apartment owners that install elec-
 trical outlets for charging electric cars in certain parking garages

 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 61 to read as follows:
 3 61. Credit for electrical outlets for charging electric cars in
 4 certain parking garages. (a) A taxpayer shall be allowed a credit for
 5 taxable years beginning on or after January first, two thousand twenty-
 6 six and ending before December thirty-first, two thousand thirty against
 7 the tax imposed by this article for the purchase and installation of
 8 electrical outlets for charging electric cars in the parking garage
 9 owned by a condominium management association or a cooperative housing
 10 corporation, if such condominium or cooperative housing is located with-
 11 in this state. Any taxpayer who is a member of the condominium manage-
 12 ment association or who is a tenant-stockholder in the cooperative hous-
 13 ing corporation may for the purpose of this subdivision claim a
 14 proportionate share of the total expense as the expenditure for the
 15 purposes of the credit attributable to their principal residence, if
 16 such residence is located within the state. The total amount of the
 17 credit shall be fifty-five percent of the expenditure incurred in
 18 purchasing and installing any such system or combination thereof, but
 19 not to exceed the maximum credit of five thousand dollars.
 20 (b) For the purposes of this subdivision, the following terms shall
 21 have the following meanings:
 22 (i) "electric cars" shall mean motor vehicles, as defined by section
 23 one hundred twenty-five of the vehicle and traffic law, which are
 24 propelled by electric motors using electric energy stored in batteries

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05932-01-5

 A. 2493 2

 1 or other energy storage devices. For the purposes of this subdivision,
 2 "electric cars" shall not include electric personal assistive mobility
 3 devices as defined by section one hundred fourteen-d of the vehicle and
 4 traffic law.
 5 (ii) "electrical outlets for charging electric cars" shall include any
 6 electrical outlets intended to be used for charging electric cars,
 7 including, but not limited to 120-volt outlets, 240-volt outlets and
 8 charging stations specifically manufactured for charging electric cars.
 9 (c) To the extent that a federal income tax credit shall apply to
 10 expenditures eligible for a credit under this subdivision, the credit
 11 provided in this subdivision shall be reduced so that the combined cred-
 12 it shall not exceed fifty-five percent of such expenditures or seven
 13 thousand dollars, whichever is less.
 14 (d) If the amount of credit allowable under this subdivision shall
 15 exceed the taxpayer's tax for such year, the excess may be carried over
 16 to the following year or years and may be deducted from the taxpayer's
 17 tax for such year or years.
 18 (e) If all or any part of the credit provided for under this subdivi-
 19 sion was allowed or carried over from a prior taxable year or years, a
 20 taxpayer shall reduce the allowable cr