Pataki signs solar-energy bill
New legislation signed into law by Gov. Pataki on Monday is
intended to promote the use of solar energy in New York state.
The new law exempts solar-energy equipment from state sales taxes, and it expands tax incentives for homeowners who install solar-energy equipment.
The maximum allowable tax credit will now be $5,000, up from the previous limit of $3,750. Consumers can receive the tax credit for up to 25 percent of the cost of heating, cooling and hot-water equipment that utilizes solar energy.
The sales-tax exemption will take effect on Sept. 1. The tax-credit expansion applies to taxable years beginning Jan. 1, 2006.
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