New York A 1591: Increases the amount of geothermal energy systems tax credits

Bill Text

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A01591 Summary:

BILL NOA01591 

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SAME ASNo Same As

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SPONSORRivera

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COSPNSRBendett, Bichotte Hermelyn, Blumencranz, Brown K, Burke, Colton, Conrad, DeStefano, Dinowitz,
 Gallagher, Hevesi, Kelles, Lunsford, Novakhov, Paulin, Reyes, Seawright, Shimsky, Shrestha, Simon,
 Slater, Stern, Tapia, Weprin, McMahon, Griffin, McDonald, Schiavoni, Burroughs, Kassay, Yeger,
 Burdick

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MLTSPNSR

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Amd §606, Tax L

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Increases the amount of geothermal energy systems tax credits.

Go to top A01591 Actions:

BILL NOA01591 

&nbsp

01/10/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01591 Committee&nbspVotes:

Go to topA01591 Floor&nbspVotes:

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

Go to topA01591 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1591

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 10, 2025
 ___________

 Introduced by M. of A. RIVERA, BENDETT, BICHOTTE HERMELYN, BLUMENCRANZ,
 K. BROWN, BURKE, COLTON, CONRAD, DeSTEFANO, DINOWITZ, GALLAGHER, HEVE-
 SI, KELLES, LUNSFORD, NOVAKHOV, PAULIN, REYES, SEAWRIGHT, SHIMSKY,
 SHRESTHA, SIMON, SLATER, STERN, TAPIA, WEPRIN -- read once and
 referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to geothermal energy systems
 tax credits

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

 1 Section 1. Paragraphs 1 and 9 of subsection (g-4) of section 606 of
 2 the tax law, as added by section 1 of part FF of chapter 59 of the laws
 3 of 2022, are amended to read as follows:
 4 (1) General. An individual taxpayer shall be allowed a credit against
 5 the tax imposed by this article equal to twenty-five percent of quali-
 6 fied geothermal energy system expenditures, except as provided in
 7 subparagraph (D) of paragraph two of this subsection, not to exceed five
 8 thousand dollars for qualified geothermal energy systems placed in
 9 service before June thirtieth, two thousand twenty-five, and ten thou-
 10 sand dollars for qualified geothermal energy equipment placed in service
 11 on or after July first, two thousand twenty-five.
 12 (9) Carryover of credit and refundability. If the amount of the cred-
 13 it, and carryovers of such credit, allowable under this subsection for
 14 any taxable year shall exceed the taxpayer's tax for such year, such
 15 excess amount may be carried over to the five taxable years next follow-
 16 ing the taxable year with respect to which the credit is allowed and may
 17 be deducted from the taxpayer's tax for such year or years. For taxable
 18 years beginning on or after January first, two thousand twenty-six, if
 19 the amount of the credit allowable under this subsection shall exceed
 20 the taxpayer's tax liability for such year, and the taxpayer meets the
 21 definition of low-to-moderate income, as defined in subdivision (c) of
 22 section nine hundred seventy-c of the general municipal law, or resides

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03018-01-5

 A. 1591 2

 1 in a disadvantaged community, as defined in subdivision five of section
 2 75-0101 of the environmental conservation law, the excess shall be
 3 treated as an overpayment of tax to be credited or refunded. Any refund
 4 paid pursuant to this paragraph shall be deemed to be a refund of an
 5 overpayment of tax as provided in section six hundred eighty-six of this
 6 article, provided, however, that no interest shall be paid thereon.
 7 § 2. This act shall take effect immediately.

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