S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          979
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    January 8, 2015
                                      ___________
       Introduced  by  M. of A. GUNTHER, ORTIZ, ABBATE, SKARTADOS, STECK, COOK,
         ABINANTI -- read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax  law,  in  relation  to  establishing  a  credit
         against  tax  for wind electric generating equipment installed on farm
         property
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  606  of  the  tax law is amended by adding a new
    2  subsection (g-3) to read as follows:
    3    (G-3) WIND ELECTRIC GENERATING EQUIPMENT CREDIT; FARM PROPERTY.    (1)
    4  GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
    5  THIS  ARTICLE  EQUAL  TO  TWENTY-FIVE PERCENT OF QUALIFIED WIND ELECTRIC
    6  GENERATING EQUIPMENT EXPENDITURES.  THIS CREDIT SHALL NOT  EXCEED  SEVEN
    7  THOUSAND FIVE HUNDRED DOLLARS.
    8    (2)  QUALIFIED  WIND  ELECTRIC GENERATING EQUIPMENT EXPENDITURES.  (A)
    9  THE TERM "QUALIFIED WIND  ELECTRIC  GENERATING  EQUIPMENT  EXPENDITURES"
   10  MEANS EXPENDITURES, LIMITED TO THE EXPENDITURE CAP SET FORTH IN SUBPARA-
   11  GRAPH  (B) OF THIS PARAGRAPH, FOR THE PURCHASE OF WIND ELECTRIC GENERAT-
   12  ING EQUIPMENT WHICH IS INSTALLED ON FARM PROPERTY WHICH IS  (I)  LOCATED
   13  IN  THIS  STATE  AND  (II)  USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL
   14  PREMISES AT THE TIME THE WIND ELECTRIC GENERATING EQUIPMENT IS PLACED IN
   15  SERVICE.
   16    (B) FOR PURPOSES OF SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH,  THE  TERM
   17  "EXPENDITURE CAP" SHALL MEAN THE PRODUCT OF (I) SIX DOLLARS AND (II) THE
   18  NUMBER  OF  WATTS  INCLUDED  IN  THE RATED CAPACITY OF THE WIND ELECTRIC
   19  GENERATING EQUIPMENT.
   20    (C) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE EXPENDITURES FOR MATERI-
   21  ALS, LABOR COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND
   22  ORIGINAL  INSTALLATION,  ARCHITECTURAL  AND  ENGINEERING  SERVICES,  AND
   23  DESIGNS  AND  PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
   24  OF THE WIND ELECTRIC GENERATING EQUIPMENT.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01600-01-5
       A. 979                              2
    1    (D) SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE  INTEREST  OR  OTHER
    2  FINANCE CHARGES.
    3    (3) WIND ELECTRIC GENERATING EQUIPMENT. THE TERM "WIND ELECTRIC GENER-
    4  ATING EQUIPMENT" SHALL MEAN EQUIPMENT WHICH, WHEN INSTALLED AT A TAXPAY-
    5  ER'S  PREMISES, USES WIND ENERGY FOR THE PURPOSE OF GENERATING ELECTRIC-
    6  ITY FOR USE AT  SUCH  PREMISES  AND  WHICH  HAS  A  RATED  CAPACITY  FOR
    7  GENERATING ELECTRICITY WHICH DOES NOT EXCEED ONE HUNDRED KILOWATTS.
    8    (4)  MULTIPLE  TAXPAYERS.  WHERE WIND ELECTRIC GENERATING EQUIPMENT IS
    9  PURCHASED AND INSTALLED IN A PRINCIPAL PREMISES SHARED BY  TWO  OR  MORE
   10  TAXPAYERS,  THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR
   11  EACH SUCH TAXPAYER SHALL BE PRORATED ACCORDING TO THE PERCENTAGE OF  THE
   12  TOTAL  EXPENDITURE  FOR SUCH WIND ELECTRIC GENERATING EQUIPMENT CONTRIB-
   13  UTED BY EACH TAXPAYER.
   14    (5) GRANTS. FOR PURPOSES OF DETERMINING THE AMOUNT OF THE  EXPENDITURE
   15  INCURRED  IN  PURCHASING  AND INSTALLING WIND ELECTRIC GENERATING EQUIP-
   16  MENT, THE AMOUNT OF ANY FEDERAL, STATE OR LOCAL GRANT  RECEIVED  BY  THE
   17  TAXPAYER,  WHICH  WAS  USED FOR THE PURCHASE AND/OR INSTALLATION OF SUCH
   18  EQUIPMENT AND WHICH WAS NOT INCLUDED IN THE FEDERAL GROSS INCOME OF  THE
   19  TAXPAYER, SHALL NOT BE INCLUDED IN THE AMOUNT OF SUCH EXPENDITURES.
   20    (6)  WHEN  CREDIT  ALLOWED.  THE  CREDIT  PROVIDED FOR HEREIN SHALL BE
   21  ALLOWED WITH RESPECT TO THE TAXABLE YEAR, COMMENCING ON OR AFTER JANUARY
   22  FIRST, TWO THOUSAND SIXTEEN,  IN  WHICH  THE  WIND  ELECTRIC  GENERATING
   23  EQUIPMENT IS PLACED IN SERVICE.
   24    (7)  CARRYOVER  OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS
   25  OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION  FOR  ANY  TAXABLE  YEAR
   26  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
   27  CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
   28  WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
   29  TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   30    S 2. This act shall take effect immediately.