The New York State Senate today approved legislation (S. 1634-B) sponsored by Senator Charles J. Fuschillo, Jr. that would provide tax credits to New York businesses that install alternative energy and electric systems.
The tax credit would help offset the purchase and installation costs for businesses that install solar energy or wind energy system equipment, fuel cell electric generating equipment or geothermal resource transfer system equipment.
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."
Under current law, homeowners are eligible for a personal income tax credit when they invest in solar and/or wind technologies for their homes. The legislation approved by the Senate today would provide businesses a tax credit of up to 50 percent of the expenses for installation of solar energy equipment and up to 45 percent of the expenses for fuel cell or geothermal equipment installation.
The legislation now goes to the Assembly.
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