BILL NUMBER: S9896
SPONSOR: ASHBY
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a hydroelectric
power tax credit
 
PURPOSE:
To provide tax relief to hydroelectric power plants to help offset reli-
censing costs.
 
SUMMARY OF PROVISIONS:
Sections 1-6 establishes a hydroelectric power tax credit equal to 50
percent of the cost of any licensing or relicensing fees assessed by any
state or federal agency. The tax credit may be claimed against business
taxes or personal taxes.
 
JUSTIFICATION:
Hydroelectric energy, also called hydroelectric power or hydroelectrici-
ty, is a form of energy that harnesses the power of water in motion-such
as water flowing over a waterfall-to generate electricity. New York is
the largest hydroelectric power producer east of the Rocky Mountains and
is fourth in the nation in the generation of electricity from hydropow-
er.
Unfortunately, the cost of licensing hydroelectric plants can be a huge
burden. The relicensing costs are enough to potentially put existing
plants out of business. This bill provides a tax credit to hydroelectric
plants to help offset licensing and relicensing cost s, thereby allowing
them to continue to be a source of clean, reliable power to New Yorkers.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9896: 210-B tax law, 606 tax law, 606(i) tax law, 1511 tax law