Memorandum in Support A.128-B (Cusick) / S.2471-B (Lanza)
Memorandum in Support
June 9, 2014
A.128-B (Cusick) / S.2471-B (Lanza) – An Act to amend the general municipal law and the tax law, in relation to enacting the New York state green economic development zones act
The Independent Power Producers of New York, Inc. (IPPNY) is a trade association representing companies involved in the development of electric generating facilities, the generation, sale, and marketing of electric power, and the development of natural gas facilities in the State of New York. IPPNY Member companies produce over 75 percent of New York’s electric power.
IPPNY supports A.128-B (Cusick) / S.2471-B (Lanza). This legislation would offer tax incentives to green businesses involved in areas such as: renewable energy development; cogeneration technologies; furnace and boiler replacements and retrofits; greenhouse gas emission reduction technologies; and carbon capture and storage mechanisms.
Importantly, the bills ensure that all renewable energy resources are eligible under the proposed program. New York State's energy policy is to obtain and maintain safe, reliable, and diverse energy supplies, accelerate the development and use of renewable energy resources, and increase its energy independence, in order to promote the state's economic growth, to maintain the security of its energy supplies, and to protect its environmental values.
A diverse energy fuel portfolio protects the reliability of New York's energy system and provides benefits to consumers. In general, the electric system is less reliable, if it becomes too dependent on any one fuel source. Given the benefits of its existing fuel-diverse sources of supply, the state has committed to expanding that mix further. Allowing all renewable energy resources to be eligible under the proposed program supports existing energy producers and also sends the message to potential investors that the state recognizes the importance of including a variety of resources in its energy supplies.
For the reasons stated above, IPPNY supports A.128-B (Cusick) / S.2471-B (Lanza).
