Bill > S00254

This bill establishes a tax credit for the purchase and installation of geothermal energy systems in New York. The key provisions include: - Providing a tax credit equal to 25% of qualified geothermal energy system expenditures, up to $5,000 for systems placed in service on or after September 1, 2020. - Defining "qualified geothermal energy system expenditures" as including the purchase, lease, or power purchase of geothermal energy system equipment installed in the taxpayer's principal residence in New York. - Allowing the credit to be claimed for 14 years after the first year it is claimed, with the 25% limitation applying to the total aggregate amount of payments for leased equipment or purchased power, rather than individual payments. - Allowing taxpayers who share ownership of a geothermal system, or are members of a condominium or cooperative housing association with a shared system, to claim a proportionate share of the credit. - Excluding any federal, state, or local grants used for the system from the credit calculation. - Allowing any excess credit to be carried forward for up to 5 years. - Applying the credit to taxable years commencing on or after January 1, 2021.