STATE OF NEW YORK ________________________________________________________________________ 1832 2025-2026 Regular Sessions IN ASSEMBLY January 14, 2025 ___________ Introduced by M. of A. ROZIC -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to the personal income tax credit for residential solar energy systems The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 1 of subsection (g-1) of section 606 of the tax 2 law, as amended by chapter 375 of the laws of 2012, is amended to read 3 as follows: 4 (1) General. An individual taxpayer shall be allowed a credit against 5 the tax imposed by this article for each property with qualified solar 6 energy system equipment expenditures equal to twenty-five percent of 7 such qualified solar energy system equipment expenditures, except as 8 provided in subparagraph (D) of paragraph two of this subsection. This 9 credit shall not exceed three thousand seven hundred fifty dollars for 10 qualified solar energy equipment placed in service before September 11 first, two thousand six, and five thousand dollars for qualified solar 12 energy equipment placed in service on or after September first, two 13 thousand six. 14 § 2. Subparagraph (A) of paragraph 2 of subsection (g-1) of section 15 606 of the tax law, as amended by chapter 375 of the laws of 2012, is 16 amended to read as follows: 17 (A) The term "qualified solar energy system equipment expenditures" 18 means expenditures for: 19 (i) the purchase of solar energy system equipment which is installed 20 in connection with residential property which is (I) located in this 21 state and (II) which is [used] owned by the taxpayer [as his or her 22 principal residence] at the time the solar energy system equipment is 23 placed in service; 24 (ii) the lease of solar energy system equipment under a written agree- 25 ment that spans at least ten years where such equipment owned by a EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04627-01-5
A. 1832 2 1 person other than the taxpayer is installed in connection with residen- 2 tial property which is (I) located in this state and (II) which is 3 [used] owned by the taxpayer [as his or her principal residence] at the 4 time the solar energy system equipment is placed in service; or 5 (iii) the purchase of power under a written agreement that spans at 6 least ten years whereunder the power purchased is generated by solar 7 energy system equipment owned by a person other than the taxpayer which 8 is installed in connection with residential property which is (I) 9 located in this state and (II) which is [used] owned by the taxpayer [as 10 his or her principal residence] at the time the solar energy system 11 equipment is placed in service. 12 § 3. Paragraph 4 of subsection (g-1) of section 606 of the tax law, as 13 amended by chapter 378 of the laws of 2005, is amended to read as 14 follows: 15 (4) Multiple taxpayers. Where solar energy system equipment is 16 purchased and installed in a [principal residence shared] residential 17 property owned by two or more taxpayers, the amount of the credit allow- 18 able under this subsection for each such taxpayer shall be prorated 19 according to the percentage of the total expenditure for such solar 20 energy system equipment contributed by each taxpayer. 21 § 4. Paragraph 5 of subsection (g-1) of section 606 of the tax law, as 22 added by chapter 128 of the laws of 2007, is amended to read as follows: 23 (5) Proportionate share. Where solar energy system equipment is 24 purchased and installed by a condominium management association or a 25 cooperative housing corporation, a taxpayer who is a member of the 26 condominium management association or who is a tenant-stockholder in the 27 cooperative housing corporation may for the purpose of this subsection 28 claim a proportionate share of the total expense as the expenditure for 29 the purposes of the credit attributable to [his principal residence] 30 such taxpayer's property. 31 § 5. This act shall take effect on the first of January next succeed- 32 ing the date on which it shall have become a law and shall apply to 33 taxable years beginning on and after such date.