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Residential Solar Tax Credit (New York)
EZFeed/Relevant Yes  +
Incentive/Active true  +
Incentive/Amt 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year  +
Incentive/ApplDsc Residential  + , Multi-Family Residential  +
Incentive/Auth2Code A.B. 34  +
Incentive/Auth2DtEff 2012-08-17  +
Incentive/Auth2DtEnact 2012-08-17  +
Incentive/Auth2Link  +
Incentive/AuthCode NY CLS Tax, Article 22 § 606 (g-1) et seq.  +
Incentive/AuthDtEff 01/01/1998 (solar electric) 01/01/2006 (solar thermal)  +
Incentive/AuthDtEnact 08/02/1997 (solar electric)  +
Incentive/AuthLink  +
Incentive/CarOvProv Excess credit may be carried forward five years  +
Incentive/ContAddr W.A. Harriman Campus  +
Incentive/ContDept New York State Department of Taxation and Finance  +
Incentive/ContName Taxpayer Assistance - Personal Income Tax Information Center  +
Incentive/ContPhone (518) 457-5181  +
Incentive/ContPlace Albany, New York  +
Incentive/ContWebsite  +
Incentive/ContZip 12227  +
Incentive/EligSysSize 25 kW maximum, except 50 kW for solar systems owned by condominium or cooperative housing associations  +
Incentive/EnergyCat Renewable Energy Incentive Programs  +
Incentive/EquipReqs Systems must be new and in compliance with all applicable performance and safety standards  +
Incentive/ImplSector State/Territory  +
Incentive/InstallReqs Electricity generation systems must be grid connected and net metered.  +
Incentive/MaxInc 5,000 for solar-energy systems  +
Incentive/Name Residential Solar Tax Credit  +
Incentive/ProgAdmin New York State Department of Taxation and Finance  +
Incentive/StartDateString 01/01/1998 (solar electric); 01/01/2006 (solar thermal)  +
Incentive/Summary Enacted in August 1997, this personal inco
Enacted in August 1997, this personal income tax credit originally applied to expenditures on solar-electric (PV) equipment used on residential property. The credit, equal to 25% percent of the cost of equipment and installation, was expanded in August 2005 to include solar-thermal equipment. The solar-thermal provisions apply to taxable years beginning on and after January 1, 2006. The credit is capped at $3,750 for solar-energy systems placed in service before September 1, 2006, and capped at $5,000 for solar-energy systems placed in service on or after September 1, 2006. In August 2012 the credit was amended yet again (A.B. 34) to allow it to be claimed for systems installed under lease or power purchase agreements (PPAs) of at least 10 years in length. For third-party owned systems, the residential homeowner may claim a tax credit in the amount of lease or PPA payments made during the taxable year, for up to 15 years. The 25% incentive for such systems refers to aggregate amount of payments owed rather than the amount made during any single year. The maximum allowable tax credit amount of $5,000 applies to the total amount of credits claimed regardless of the ownership arrangement..<br> <br> Solar-energy equipment is defined as "an arrangement or combination of components utilizing solar radiation, which, when installed in a residence, produces energy designed to provide heating, cooling, hot water or electricity." The credit may not be used for pool heating or other recreational applications. Any amount of credit that exceeds a taxpayer's liability in a given tax year may be carried forward for the five following taxable years. Any portion of the system cost provided by a non-taxable federal, state, or local grant is not eligible for this credit.<br> <br> In general systems must comply with the 25 kW capacity limit on residential, net-metered solar-energy systems. However, in 2007 legislation was passed increasing the capacity limit to 50 kW for condominiums and cooperative housing associations. In addition, members of condominium management associations and tenant stockholders of cooperative housing associations are now allowed to claim a proportionate share of the total system expense towards the tax credit. These changes took effect beginning in the 2007 tax year, but as with other portions of the tax credit, they do not have an expiration date. Interested participants can claim for the credit through filling out [ Form IT-255 (Claim for Solar Energy System Equipment)], including [ specific instructions] for the credit.<br> <br>
ions] for the credit.<br> <br>  +
Incentive/TechDsc Solar Water Heat + , Solar Space Heat + , Photovoltaics +
Incentive/Type Personal Tax Credit +
OpenEI/PageDescription Residential Solar Tax Credit: energy incentive program.  +
OpenEI/PageKeyword Energy Incentives  + , New York  + , Personal Tax Credit  + , New York State Department of Taxation and Finance  +
Place New York: Energy Resources +
Website  +
Has processing error
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Residential Solar Tax Credit (New York) +
Categories Financial Incentive Programs , Pages with reference errors , Incentive with Contacts , Incentive with Authorities
Modification date
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00:01:16, 13 February 2015  +
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