Bill > S05366

This bill provides a tax credit to corporations in New York State that purchase environmentally friendly construction equipment, allowing them to claim a credit equal to 30% of their expenses for buying such equipment during a taxable year. The bill defines "qualified green construction equipment" as heavy-duty vehicles and machines specifically designed for construction and earthwork operations that meet three key environmental criteria: they cannot produce greenhouse gas emissions, cannot use fossil fuels, and cannot emit toxic chemicals. The tax credit is subject to certain limitations: it cannot reduce a company's tax liability below a prescribed minimum amount, and the total statewide credits are capped at $10 million per calendar year. The New York State tax commissioner will be responsible for establishing the procedures for certifying and allocating these credits. The bill will take effect immediately and apply to taxable years beginning on or after its effective date, providing an incentive for corporations to invest in greener construction equipment and reduce their environmental impact.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5366