Bill > S03864

This bill establishes a tax credit for the purchase and installation of geothermal energy systems. The key provisions include: 1. Providing a tax credit equal to 25% of qualified geothermal energy system expenditures, up to a maximum of $5,000, for systems installed on or after September 1, 2021. 2. Defining "qualified geothermal energy system expenditures" to include the purchase, lease, or power purchase agreement for geothermal energy system equipment installed in the taxpayer's principal residence located in New York. 3. 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 lease or power purchase agreement payments. 4. Allowing the credit to be claimed by multiple taxpayers based on their proportionate share of the expenditure, and allowing condominium or cooperative housing residents to claim a proportionate share of the total expense. 5. Excluding any federal, state, or local grants used for the purchase and installation of the equipment from the expenditure amount. 6. Applying the credit to taxable years commencing on or after January 1, 2022.