Bill > S09503

This bill provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel, as well as a tax credit for electric vessel recharging property. The key provisions include: - A tax credit of up to 30% of the sales tax paid on the purchase of a qualifying electric or zero emission vessel, with the credit percentage decreasing by 5% each year after 2028. A similar credit is available for the cost of converting a vessel to a qualifying electric or zero emission vessel. - Eligibility criteria, such as registering the vessel in New York for at least 6 months of the taxable year and not purchasing the vessel for resale. - Definitions of "electric vessel" and "zero emission vessel," as well as a process for the state to designate qualifying vessels. - Allowing the credit to be claimed against corporate franchise tax (Article 9-A) or personal income tax (Article 22). - Extending the definition of "vehicle" in certain existing tax credits to include vessels, allowing vessels to qualify for those credits as well. - The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2023.