Bill > S08106

This bill amends the New York tax law to increase the amount of geothermal energy systems tax credits available to individual taxpayers. Specifically, it raises the maximum credit from $5,000 to $10,000for geothermal energy equipment placed in service on or after July 1, 2024. It also makes the credit refundable for taxpayers who meet the definition of low-to-moderate income or reside in a disadvantaged community, starting in taxable years beginning on or after January 1, 2025. The bill aims to encourage the use of geothermal energy systems by providing greater financial incentives to individual consumers.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/S8106