Talking Points: Expanding the Solar Tax Credit Cap
Bill A.6420 would increase the tax credit cap for solar energy equipment expenditures, raising it to $10,000 for projects placed in service on or after September 1, 2019. Current law states that individual taxpayers can claim 25 percent of qualified solar energy equipment expenditures against their personal income tax, up to a cap of $5,000. This tax credit has not been increased in 13 years. Bill A.6420 simply updates and expands a law that has been effective in compensating New Yorkers who take the initiative to invest in clean energy.