Bill > A07493

This bill establishes a tax credit for the purchase and installation of geothermal energy systems. The key provisions include: 1. An individual taxpayer can claim a credit equal to 25% of qualified geothermal energy system expenditures, up to a maximum of $5,000 for systems placed in service on or after September 1, 2021. 2. Qualified expenditures include the purchase, lease, or power purchase of geothermal energy system equipment installed in the taxpayer's principal residence located in New York state. 3. The credit can be claimed for 14 years after the first year it is allowed, with a 25% limitation on the total aggregate amount of lease or power purchase payments. 4. The credit can be prorated among multiple taxpayers sharing a residence or claimed by a taxpayer who is a member of a condominium or cooperative housing corporation. 5. The credit can be carried over for up to 5 years if it exceeds the taxpayer's tax liability for the year. 6. The credit applies to taxable years commencing on or after January 1, 2022.