BILL NUMBER: S5366
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the tax law, in relation to providing a tax credit to
corporations that purchase qualified green construction equipment
 
PURPOSE:
To incentivize the purchase of sustainable, environmentally friendly
construction equipment
 
SUMMARY OF PROVISIONS:
Section 1. Amends section 210-B of the tax law by adding a new subdivi-
sion 53:
1. Provides a tax credit for companies that purchase green construction
equipment
2. Defines "green construction equipment"
3. Application and eligibility of tax credit Section 2. Effective date.
 
JUSTIFICATION:
The construction industry is one of the largest sectors in the national
economy, generating over $1 trillion in GDP. Unfortunately, construction
equipment is one of the leading contributors to dangerous diesel
pollution. According to the EPA Clean Air Act Advisory Committee, "a
single bulldozer engine can emit as much particulate matter as more than
500 cars." Additionally, diesel exhaust contains carcinogens and ozone
depleting compounds.
This legislation would provide financial incentives to encourage
construction companies to purchase and utilize green construction equip-
ment that will reduce greenhouse gas emissions andòcontrol pollution.
 
LEGISLATIVE HISTORY:
2023-24: S6513
2021-22: S.3871 Referred to Budget and Revenue
2019-2020: Referred to Budget and Revenue
2018: Referred to Investigations and Government Operations
 
FISCAL IMPLICATIONS:
$10 million
 
EFFECTIVE DATE:
This act shall take effect immediately

Statutes affected:
S5366: 210-B tax law