A tax exemption on electricity generated and sold from customer-sited solar systems in New York State has been signed into law.
The new law exempts power purchase agreements with a solar energy provider from so-called sales and use taxes.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
New York governor Andrew Cuomo signed into law the state's 2015-2016 fiscal year budget yesterday, 1 April.
Sales tax usually applies to retail sales of certain personal property and services. If the sales tax has not been paid, then a use tax is imposed on the use of taxable items.
Rhone Resch, president and chief executive of the Solar Energy Industries Association (SEIA), said: “We applaud Governor Cuomo for his continued leadership and ongoing efforts to make New York a solar-friendly state to live and do business.
“By clearing up a nagging ambiguity in the tax code, businesses and homeowners across the state can now make firm plans for the future, allowing New York’s impressive growth in solar installations to continue. We also expect 2015 to be another record-breaking year for solar across the state.”
New York had the seventh most new solar capacity added last year in the US, growing by 105%, according to the recently-released U.S. Solar Market Insight 2014 Year in Review.
