NY Senate passes wind tax credit bill

Senate Bill S01634-B, companion to Assembly Bill A08350-B, passed the Senate and was referred to the Assembly on May 19, where it was sent to Ways and Means.

The Bill

Establishes an alternative energy systems and generating equipment tax credit for qualified expenditures meeting the criteria prescribed by the department of taxation and finance, in consultation with the department of environmental conservation and the New York state energy research and development authority, for taxpayers subject to tax under articles nine-a, twenty-two, thirty-two and thirty-three of the tax law whose business is not substantially engaged in the commercial generation, distribution, transmission or servicing of energy or energy products.

The purchase and installation credit for wind energy (and solar) system equipment amounts to fifty percent of the qualified expenses.

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