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Bill > S05436


NY S05436

NY S05436
Enacts the "grid resiliency act" relating to the operation of major electric generation facilities, peaker plants, and simple cycle and regenerative combustion turbines, and to tax credits for the purchase and installation of residential auxiliary electric generating equipment and for disruptions in electric or gas service.


summary

Introduced
02/21/2025
In Committee
02/21/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to enacting the "grid resiliency act"

AI Summary

This bill, known as the "Grid Resiliency Act," introduces several key provisions aimed at protecting electric generation infrastructure and supporting residential electricity consumers. First, the bill prevents state agencies or regulatory bodies from closing, decommissioning, or impairing the operations of major electric generation facilities, peaker plants, or combustion turbines unless an equivalent or greater capacity renewable or electric generation facility is already operational. Additionally, such facilities cannot be closed if they are designated as a reliability source by the New York Independent System Operator. The bill also establishes two new tax credits: a 50% tax credit (up to $7,500) for individuals earning under $250,000 who purchase and install residential auxiliary electric generating equipment, and a daily $10 tax credit for the same income group experiencing disruptions in electric or gas service. These tax credits can be carried forward for five years and, starting in 2027, will be refundable if they exceed the taxpayer's tax liability. The primary goals appear to be maintaining grid stability, incentivizing home energy resilience, and providing financial relief to residents experiencing utility service interruptions.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

REFERRED TO BUDGET AND REVENUE (on 02/21/2025)

bill text


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