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Memorandum in Support of Increasing the Solar Tax Credit Cap

May 16, 2019

Current law states that individual taxpayers are allowed a credit against the personal income tax equal to 25 percent of qualified solar energy system equipment expenditures, which shall not exceed $5,000 for qualified solar energy equipment placed in service on or after September 1, 2006. The allowable personal tax credit for solar energy equipment has not been increased since 2005 despite the fact that solar energy purchase and installation costs remain higher than many New Yorkers can afford. If the State is to achieve the goal of 70 percent renewable energy by 2030 as recently targeted by the Governor, laws to encourage clean energy production need to be extended and enhanced over time. If passed, S.752 / A.6420 would allow New Yorkers who place solar energy equipment on their property on or after September 1, 2019 to claim the 25 percent personal income tax credit up to $10,000. NYSEIA supports the bill and urges its prompt passage. Read More

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