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The Green Building Tax Credit provides for tax credits to owners and tenants of eligible buildings and tenant spaces that meet certain "green" standards. These standards increase energy efficiency, improve indoor air quality, and reduce the environmental impacts of large commercial and residential buildings in New York State, among other benefits.
Applicability • Credits are available for a percentage of capital costs, excluding land. • The property must have received a final Certificate of Occupancy on or after 1/31/01.
Tax details: • Tax credit is non-refundable. • Unused tax credits can be carried forward by the taxpayer indefinitely. • Successor owners/tenants are entitled to the remaining credits if the building/tenant space continues to meet the applicable standards. • Tax credit must be filed each year (maximum of 5 years).
Eligible Taxpayers: • Corporations, utilities, banks, insurance companies and personal income taxpayers.
Eligible Buildings • Certain hotels and office buildings that have at least 20,000 square feet of interior space. • Residential multi-family buildings that have at least 12 units with at least 20,000 square feet of interior space. • Residential multi-family buildings that have at least 2 units with at least 20,000 square feet of interior space.
Types of Credit Components There are six different credit components for which the taxpayer might be allowed a credit. Each credit component has its own requirements, formula for calculating the amount of the credit, and cap. The components are: • Whole Building Credit Component (owner or tenant) • Base Building Credit Component (owner) • Tenant Space Credit Component (owner or tenant) • Fuel Cell Credit Component • Photovoltaic Module Credit Component • Green Refrigerant Credit Component
For more information and application materials, contact the Department of Environmental Conservation using the contact information listed below.
1.
Taxpayers must apply for an Initial Credit Component Certificate with the Department of Environmental Conservation. The certificate will state the maximum amount of credit component allowable for each of the five taxable years in which the credit component is offered, the first year in which the taxpayer may start claiming the credit, and the expiration date. To apply, contact the NYS Department of Environmental Conservation (see Contact Information below).The amount of the credit will be the sum of the credit components specified in the initial credit component certificate.
2.
An eligibility certificate from an architect or professional engineer licensed to practice in New York State is required every year the credit is filed and must certify that the building and/or tenant space remains green and that any fuel cells, photovoltaic modules and air conditioning equipment for which a credit is being claimed also remain qualified.
This credit is allowable against the taxes imposed under Tax Law Articles 9 (Tax on Certain Business Corporations and other Business Entities); 9-A (Franchise Tax on Business Corporations); 22 (Personal Income Tax); 32 (Franchise Tax on Banking Corporations) and 33 (Franchise Taxes on Insurance Corporations). More information about New York State Taxes can be found at the Department of Taxation and Finance (see Additional Information above).
New York State Department of Environmental Conservation
625 Broadway
Albany,
NY
12233
Phone:
518-402-9469
Fax: 518-402-9168
Website: http://www.dec.ny.gov/energy/1540.html
This page provides general information only. The information does not address all relevant regulatory requirements of City, State or Federal Agencies, nor does it address requirements with which the business must comply on an ongoing basis. It is the business owner's responsibility to meet all City, State and Federal requirements. Failure to comply with all applicable laws and regulations may result in fines or in the suspension and/or revocation of licenses or permits, or other penalties as allowed by law.
Please note that this information is not legal advice; you can only obtain legal advice from a lawyer. For more information or assistance, please contact the issuing Agency, using the contact information above, or call 311 (or 212-NEW-YORK if outside of New York City).
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