Bill > A01832

This bill modifies the personal income tax credit for solar energy systems in New York by expanding and clarifying the eligibility criteria. The bill changes the existing tax law to allow individuals a credit equal to 25% of qualified solar energy system equipment expenditures, with a maximum credit of five thousand dollars. The key modifications include replacing references to a taxpayer's "principal residence" with "owned residential property," which broadens the applicability of the credit. The bill now allows the tax credit for solar energy systems installed on residential properties that are owned by the taxpayer, regardless of whether it is their primary residence. For properties owned by multiple taxpayers or managed by condominium associations or cooperative housing corporations, the credit can be prorated or claimed proportionally among the owners. The changes aim to make solar energy system investments more financially attractive by providing more flexible tax incentives. The bill will take effect on the first day of January following its enactment and will apply to taxable years beginning on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1832