Energy (Hydroelectric)

Establishes the power authority of the state of New York shall make low cost hydropower available to hospitals and municipal housing authorities located within Niagara County.

Establishes the power authority of the state of New York shall make low cost hydropower available to hospitals and municipal housing authorities located within Niagara county.

This bill repeals a specific provision (section 1020-dd) in New York's Public Authorities Law that prohibited the Long Island Power Authority (LIPA) from accepting "preference hydroelectricity." Preference hydroelectricity refers to hydroelectric power generated from specific sources meeting defined criteria. The repeal removes this legal barrier, allowing LIPA to potentially accept such hydroelectric power in its energy procurement. This change directly affects LIPA's authority to source certain types of hydroelectric energy.

This bill creates a tax credit allowing taxpayers to offset 50% of licensing or relicensing fees paid to state or federal agencies for hydroelectric power projects. It directly affects businesses and developers subject to taxes under specific sections of the tax code (articles 9, 9-A, 22, and 33). The credit can be applied against income taxes, with unused portions carried forward to future tax years if it reduces taxes below minimum thresholds. The bill modifies multiple tax code sections to implement this credit and its carryover rules.