New York A 1373: Provides tax credits for upstate reinvestment zones

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A01373 Summary:

BILL NOA01373A

&nbsp

SAME ASSAME AS S02626

&nbsp

SPONSORWalker

&nbsp

COSPNSRBurdick, Dinowitz, Stern, Shrestha, Gonzalez-Rojas, Davila, Epstein, Carroll R, Cunningham, Kelles,
 Rosenthal, Barrett, Simon, Brown K, Colton, DeStefano, Bendett, Slater, Mamdani, Eachus, Gallagher,
 Beephan, Seawright, Shimsky, Paulin, Lee, Tapia, Levenberg, Lasher, McDonald, Simone, Mitaynes,
 Bores, Wright

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Increases the amount of residential solar tax credits.

Go to top A01373 Actions:

BILL NOA01373A

&nbsp

01/09/2025referred to ways and means

01/27/2025amend and recommit to ways and means

01/27/2025print number 1373a

01/07/2026referred to ways and means

Go to topA01373 Committee&nbspVotes:

Go to topA01373 Floor&nbspVotes:

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

Go to topA01373 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1373--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. WALKER, BURDICK, DINOWITZ, STERN, SHRESTHA,
 GONZALEZ-ROJAS, DAVILA, EPSTEIN, R. CARROLL, CUNNINGHAM, KELLES,
 ROSENTHAL, BARRETT, SIMON, K. BROWN, COLTON, DeSTEFANO, BENDETT,
 SLATER, MAMDANI -- read once and referred to the Committee on Ways and
 Means -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 AN ACT to amend the tax law, in relation to residential solar tax cred-
 its

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

 1 Section 1. Subsection (g-1) of section 606 of the tax law, as amended
 2 by chapter 378 of the laws of 2005, paragraphs 1 and 2 as amended by
 3 chapter 375 of the laws of 2012, paragraph 3 as amended, paragraph 5 as
 4 added, and paragraphs 6, 7 and 8 as renumbered by chapter 128 of the
 5 laws of 2007, is amended to read as follows:
 6 (g-1) Solar energy system equipment credit. (1) General. An individual
 7 taxpayer shall be allowed a credit against the tax imposed by this arti-
 8 cle equal to twenty-six percent of qualified solar energy system equip-
 9 ment expenditures, except as provided in subparagraph (D) of paragraph
 10 two of this subsection. This credit shall not exceed three thousand
 11 seven hundred fifty dollars for qualified solar energy equipment placed
 12 in service before September first, two thousand six, [and] five thousand
 13 dollars for qualified solar energy equipment placed in service on or
 14 after September first, two thousand six and before January first, two
 15 thousand twenty-six, and ten thousand dollars for qualified solar energy
 16 equipment placed in service on or after January first, two thousand
 17 twenty-six.
 18 (2) Qualified solar energy system equipment expenditures. (A) The term
 19 "qualified solar energy system equipment expenditures" means expendi-
 20 tures for:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00075-03-5

 A. 1373--A 2

 1 (i) the purchase of solar energy system equipment which is installed
 2 in connection with residential property which is (I) located in this
 3 state and (II) which is used by the taxpayer as [his or her] their prin-
 4 cipal residence at the time the solar energy system equipment is placed
 5 in service;
 6 (ii) the lease of solar energy system equipment under a written agree-
 7 ment that spans at least ten years where such equipment owned by a
 8 person other than the taxpayer is installed in connection with residen-
 9 tial property which is (I) located in this state and (II) which is used
 10 by the taxpayer as [his or her] their principal residence at the time
 11 the solar energy system equipment is placed in service; or
 12 (iii) the purchase of power under a written agreement that spans at
 13 least ten years whereunder the power purchased is generated by solar
 14 energy system equipment owned by a person other than the taxpayer which
 15 is installed in connection with residential property which is (I)
 16 located in this state and (II) which is used by the taxpayer as [his or
 17 her] their principal residence at the time the solar energy system
 18 equipment is placed in service.
 19 (B) Such qualified expe