Bill > S02347

This bill creates a new tax credit for small businesses in New York that convert to renewable energy, offering a 20% credit for the cost of switching from electric or gas to renewable power sources. To qualify, businesses must have no more than 19 full-time equivalent employees in New York, cannot be a sole proprietorship based in a residence, cannot be certified under certain municipal laws, cannot receive other economic development awards, and must be located near other qualified small businesses. The bill defines key terms such as "business related renewable energy usage" as power used to further the business's economic activity at its primary location, and "primary business location" as the physical site in New York where most of the business's economic activity occurs. The tax credit cannot reduce a business's tax below a certain threshold, and any excess credit can be treated as an overpayment and potentially refunded, though no interest will be paid on such refunds. The bill amends existing tax law to implement this new small business renewable energy tax credit and will take effect on the first of January following its passage into law.