Bill > S04948

This bill creates a small business renewable tax credit that provides a 20% tax credit on the cost of converting from electric or gas to renewable energy. To be eligible, a business must have no more than 19 full-time equivalent employees in New York, cannot be a sole-proprietorship with the business located in the owner's residence, and must be located within a certain radius of other qualified small businesses. The term "business related renewable energy usage" refers to renewable power used for the business's economic activity at its primary location, separate from any shared renewable energy costs. The credit can reduce the tax due for the year, but any excess credit will be treated as an overpayment to be refunded without interest.