NEW YORK: Income Tax: Solar Energy Credit Expanded
September 3, 2005
The New York personal income tax credit for solar electric generating equipment is expanded to include equipment that uses solar radiation to provide heating, cooling, and/or hot water, applicable to taxable years commencing after 2005.
In addition, for qualified solar energy equipment placed in service on or after September 1, 2006, the maximum allowable credit is increased from $3,750 to $5,000. (S.B. 5252, Laws 2005, effective as noted above; Press Release, New York Governor’s Office, August 1, 2005.) Copyright CCH Incorporated: Federal and State Tax Aug 16, 2005