Bill
Bill > A08588
summary
Introduced
01/12/2024
01/12/2024
In Committee
01/12/2024
01/12/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to geothermal energy systems tax credits
AI Summary
This bill increases the amount of the tax credit for geothermal energy systems in New York State. It raises the maximum credit from $5,000 to $10,000 for systems placed in service on or after July 1, 2024. Additionally, the bill makes the credit refundable for low-to-moderate income taxpayers or those residing in disadvantaged communities, meaning they can receive the credit as a tax refund even if they do not owe any taxes. These changes are intended to incentivize the installation of geothermal energy systems, which use the earth's natural heat to provide heating and cooling, as part of the state's efforts to promote renewable energy and address climate change.
Committee Categories
Budget and Finance
Sponsors (36)
Dana Levenberg (D)*,
Jonathan Rivera (D)*,
Juan Ardila (D),
Scott Bendett (R),
Rodneyse Bichotte Hermelyn (D),
Jake Blumencranz (R),
Keith Brown (R),
Pat Burke (D),
William Colton (D),
William Conrad (D),
Joe DeStefano (R),
Jeffrey Dinowitz (D),
Patricia Fahy (D),
Ed Flood (R),
Emily Gallagher (D),
Aileen Gunther (D),
Andrew Hevesi (D),
Anna Kelles (D),
Jen Lunsford (D),
John McDonald (D),
John McGowan (R),
Karen McMahon (D),
Misha Novakhov (R),
Amy Paulin (D),
Karines Reyes (D),
Rebecca Seawright (D),
Maryjane Shimsky (D),
Sarahana Shrestha (D),
Jo Anne Simon (D),
Tony Simone (D),
Matt Slater (R),
Steve Stern (D),
Yudelka Tapia (D),
Monica Wallace (D),
David Weprin (D),
Ken Zebrowski (D),
Last Action
print number 8588a (on 03/19/2024)
Official Document
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