Yesterday, May 19, the New York State Senate passed a bill which would provide tax credits to New York businesses that install alternative energy and electric systems.
The bill, S01634B, sponsored by Senator Charles J. Fuschillo, Jr. (R-Merrick), would give tax credits to offset purchase and installation costs for businesses that utilize solar energy or wind energy system equipment, and/or fuel cell or geothermal electric generating equipment. Under current law, homeowners are already eligible for a personal income tax credit when they invest in solar technologies.
Senator Fuschillo, Chairman of the Consumer Protection Committee, said, “As fuel and other energy prices continue to rise we need to do everything we can to reduce our dependence on foreign oil. This measure will help encourage the business community to invest in self-sufficient and renewable energy systems and help diversify New York’s energy resources.”
The legislation approved by the Senate yesterday, 61-0, would provide businesses a tax credit of up to 50 percent of the expenses for installation of solar energy or wind energy equipment, and up to 45 percent of the expenses for fuel cell or geothermal electric generating equipment installation.
The bill now goes to the New York State Assembly for a second time in two years. As of May 19, the state assembly has referred it to ways and means committee.
Long Island State Senator’s Kemp Hannon (R-Garden City) and Dean Skelos (D-Long Beach) co-sponsored the bill.
