Bill > A02040

This bill establishes a new green building tax credit for residential property owners who construct or rehabilitate their properties in accordance with specific energy efficiency standards, such as those set by the National Association of Home Builders or the Leadership in Energy and Environmental Design (LEED) rating system. The credit allows taxpayers to claim up to $10,000 for qualifying costs related to green construction, including expenses like professional fees, site costs, construction materials, and installation, but excluding certain items like telephone systems, computers, and specific energy equipment. Eligible properties must be the taxpayer's principal residence, and in the case of multiple dwellings, only costs for the individual's unit are considered. The credit can be carried forward for up to five years if it exceeds the taxpayer's current tax liability, and it cannot be claimed more than once in a ten-year period. The credit will become available for taxable years beginning on or after January 1, 2027, and will be administered by the commissioners of environmental conservation and taxation, who will develop specific rules and regulations for its implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2040