Bill > S02626

This bill amends the New York state tax law to increase and modify the solar energy system equipment tax credit for residential solar installations. The bill raises the maximum tax credit from five thousand dollars to ten thousand dollars for solar energy system equipment placed in service on or after January 1, 2026. The credit continues to be equal to 26% of qualified solar energy system equipment expenditures and can be used for purchasing, leasing, or purchasing power from solar energy systems installed in a taxpayer's principal residence in New York. The bill also introduces a new provision that allows low to moderate-income residents or those living in disadvantaged communities to receive the credit as a refund if it exceeds their tax liability, starting in 2026. Additionally, the bill updates language to use gender-neutral terminology, expands the definition of solar energy system equipment to potentially include energy storage equipment, and clarifies rules for multi-unit residences like condominiums and cooperatives. The credit can be carried forward for up to five years if it exceeds the taxpayer's tax in a given year, and grants received for solar installation will not be counted in the expenditure calculation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2626