S 5436: Enacts the "grid resiliency act" relating to the operation of major electric generation facilities, peaker plants, and simple cycle and regenerative combustion turbines, and to tax credits for the purchase and installation of residential auxiliary electric generating equipment and for disruptions in electric or gas service.

  
  STATE OF NEW YORK ________________________________________________________________________ 5436 2025-2026 Regular Sessions  IN SENATE February 21, 2025 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to enacting the "grid resilien- cy act" The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "grid resiliency act". 3 § 2. Notwithstanding any provision of law or regulation to the contra- 4 ry, no major electric generation facility, peaker plant, or simple cycle 5 or regenerative combustion turbine, may be closed, decommissioned, 6 prohibited from operating, or have its operations impaired, by a state 7 agency or state regulatory body, unless a new major electric generation 8 facility, or major renewable energy facility, that has the capacity to 9 produce greater than or equal to the same megawatts, has been opened and 10 is in operation; provided however, nothing in this section shall prohib- 11 it a company from voluntarily closing or decommissioning a major elec- 12 tric generation facility, peaker plant, or simple cycle or regenerative 13 combustion turbine. 14 § 3. Notwithstanding any provision of law or regulation to the contra- 15 ry, no major electric generation facility, peaker plant, or simple cycle 16 or regenerative combustion turbine, may be closed, decommissioned, 17 prohibited from operating, or have its operations impaired, by a state 18 agency or state regulatory body, if it has been designated as a reli- 19 ability source by the New York independent system operator; provided 20 however, nothing in this section shall prohibit a company from voluntar- 21 ily closing or decommissioning a major electric generation facility, 22 peaker plant, or simple cycle or regenerative combustion turbine. 23 § 4. Section 606 of the tax law is amended by adding a new subsection 24 (g-5) to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09921-01-5 
 S. 5436 2 1 (g-5) Residential auxiliary electric generating equipment credit. (1) 2 An individual taxpayer whose annual gross income does not exceed two 3 hundred fifty thousand dollars shall be allowed a credit against tax 4 imposed by this article for fifty percent of the cost of the purchase 5 and installation of residential auxiliary electric generating equipment, 6 not to exceed seven thousand five hundred dollars. 7 (2) Carryover of credit and refundability. If the amount of the cred- 8 it, and carryovers of such credit, allowable under this subsection for 9 any taxable year shall exceed the taxpayer's tax for such year, such 10 excess amount may be carried over to the five taxable years next follow- 11 ing the taxable year with respect to which the credit is allowed and may 12 be deducted from the taxpayer's tax for such year or years. For taxable 13 years beginning on or after January first, two thousand twenty-seven, if 14 the amount of the credit allowable under this subsection shall exceed 15 the taxpayer's tax liability for such year, the excess shall be treated 16 as an overpayment of tax to be credited or refunded in accordance with 17 the provisions of section six hundred eighty-six of this article; 18 provided, however, that no interest shall be paid thereon. 19 § 5. Section 606 of the tax law is amended by adding a new subsection 20 (g-6) to read as follows: 21 (g-6) Credit for disruption in electric or gas service. (1) An indi- 22 vidual taxpayer whose annual gross income does not exceed two hundred 23 fifty thousand dollars shall be allowed a credit against tax imposed by 24 this article of ten dollars per day that the taxpayer experiences a 25 disruption in electric or gas service. 26 (2) Carryover of credit and refundability. If the amount of the cred- 27 it, and carryovers of such credit, allowable under this subsection for 28 any taxable year shall exceed the taxpayer's tax for such year, such 29 excess amount may be carried over to the five taxable years next follow- 30 ing the taxable year with respect to which the credit is allowed and may 31 be deducted from the taxpayer's tax for such year or years. For taxable 32 years beginning on or after January first, two thousand twenty-seven, if 33 the amount of the credit allowable under this subsection shall exceed 34 the taxpayer's tax liability for such year, the excess shall be treated 35 as an overpayment of tax to be credited or refunded in accordance with 36 the provisions of section six hundred eighty-six of this article; 37 provided, however, that no interest shall be paid thereon. 38 § 6. This act shall take effect immediately.