Paradigm Tax Group Industry News

Paradigm Tax Group Industry News

Stay informed with the most current Industry News that affects your business and impacts property taxes across the nation.

    NYC, Calif. Lawmakers Pass Solar Panel Tax Deals

    23 Jun, 2014

    When lawmakers passed California's $108 billion general fund budget, they slipped in a property tax break for the solar industry. According to Manteca Bulletin, SB871, which extends a property tax for solar credits through 2024, was never heard by a regular policy committee and the public had little chance to provide input before the Democratic Legislature rammed it through last weekend. The current tax benefit is not even set to expire, or “sunset,” until 2017. Critics of the bill disagree with the expedited process and believe it's too early to make any decisions, and have called called for Gov. Jerry Brown to veto the extension when he signs the rest of the budget in coming days. Despite their opposition, it passed and was sent to the Democratic governor with wide bipartisan support. Leno, chairman of the Senate budget committee, said the existing exemption has created tens of thousands of jobs, helped the state with its goal of having a million solar rooftops, reduced greenhouse gas emissions and limited increases on property taxes for residential property owners.

    For the full article from Manteca Bulletin, click here.

    New York City buildings that have electricity-generating solar panels installed would be getting a property tax break extension under a bill passed by state legislators. In an effort to combat global warming and aide in the transition to a green economy, supporters of the bill hope extending the incentive program will encourage NYC property owners to invest in renewable energy. According to the Wall Street Journal, the bill is also meant to offset the higher cost of installing solar capacity in the city due to stringent regulations and the complexity of building sites. Sponsors say eligible properties include most residential homes, co-ops and condos, rental buildings and commercial and industrial properties. The tax break is the lesser of 5 percent of the cost of the solar panel installation, property taxes the year panels are installed, or $62,500. The abatement was first established in 2008, said Lauren Schuster, attorney and chief of staff to Rosenthal. It can be taken each year of a four-year compliance period, she said. The bill, if signed by Gov. Andrew Cuomo, would extend the program through Jan. 1, 2017.

    For the full article from the Washington Street Journal, click here.


    Topics: Real Property, Environment, New York, Green Initiatives, California