Authorizes the New York State Energy Research and Development Authority to loan money to utility companies for purposes of capital expenditures; authorizes the issuance of bonds.
Impact
The introduction of this bill is expected to have significant implications for state laws governing utility financing and energy infrastructure. By allowing NYSERDA to loan funds to utility companies, the bill seeks to incentivize capital investment in critical areas such as renewable energy adaptation, grid enhancements, and overall reliability of energy supply. This could lead to improved energy services for consumers and a potentially accelerated transition toward more sustainable energy practices across the state.
Summary
Assembly Bill A09224 aims to amend the public authorities law in New York to empower the New York State Energy Research and Development Authority (NYSERDA) to provide loans to utility companies for capital expenditures. This initiative is designed to facilitate improvements and upgrades in the energy sector, aligning with broader state goals of enhancing energy infrastructure and sustainability. The authority will be able to issue bonds to fund these loans, thereby providing a financial mechanism for promoting necessary utility enhancements.
Contention
While the bill has elements that align with state interests in advancing energy technology and improving public utilities, points of contention may arise concerning the implications for public financing and the accountability of utility companies in spending the loaned funds. There are concerns regarding oversight to ensure that the utility companies utilize the funds effectively and that these loans do not lead to increased rates for consumers. This funding mechanism will require careful regulation to balance public interest with the operational needs of utility firms.
Authorizes the New York state energy research and development authority to develop, implement, administer and operate a temporary middle income home energy assistance program; suspends certain taxes on home heating fuels; makes an appropriation therefor.
Authorizes the New York state energy research and development authority to develop, implement, administer and operate a temporary middle income home energy assistance program; suspends certain taxes on home heating fuels; makes an appropriation therefor.
Directs the department of public service, in conjunction with the New York state energy research and development authority, and the power authority of the state of New York to commission a study on the utilization of directional noise reduction optimization technology for wind turbines in New York state.
Authorizes and directs the public service commission and the energy research and development authority to conduct a study to determine the possibility of closing peaker plants throughout the state.
Increases the excelsior research and development tax credit maximum from six to twenty percent for qualified research and development expenditures attributable to activities conducted in New York state.
Authorizes the New York power authority to supply electric energy to low-income households receiving assistance through the New York city human resources administration and the New York state office of temporary and disability assistance, and to designate such agencies and local social services districts as billing energy service companies.
Authorizes and directs the energy research and development authority, the public service commission and NYPA to conduct a study to determine the possibility of closing certain peaker plants.
Authorizes and directs the energy research and development authority, the public service commission and NYPA to conduct a study to determine the possibility of closing certain peaker plants.
Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.