QUEENS, NY – May 12, 2015 – (RealEstateRama) — State Senator Tony Avella announced today that his bill that would allow homeowners to apply for a “green buildings tax credit” unanimously passed the Senate.
The legislation (S.3945) would make “green building tax credits” more accessible to homeowners whose homes have been certified as “green” by the National Association of Home Builders (NAHB) or Leadership in Energy and Environmental Design (LEED). These tax credits would provide an incentive for more homeowners to build environmentally-friendly houses.
Many builders and homeowners are often deterred from building “green” homes because of the high cost of construction and other necessary costs associated with the process. This bill would simplify the application process and give individual homeowners who do take on the construction of “green” homes access to existing tax credits. Currently, the tax credits available for “green” buildings are inaccessible to homeowners.
Under this legislation, homeowners who install things such as low-flow plumbing, energy-efficient appliances and energy-efficient heating and cooling systems would be eligible to become “green” certified by NAHB and LEED. These certifications can then be used to apply for certain tax credits. If approved, homeowners are eligible to receive a credit of up to $10,000 per year, once every 10 years, through personal income tax returns.
“Sustainability is one of the biggest challenges our society faces today, and having ‘green’ homes can help cut down on the natural resources we use every day. By incentivizing the construction of environmentally-friendly homes, this legislation helps ensure that more New Yorkers will want to do their part to reduce consumption of things like water and energy. It is time that we give homeowners the same opportunity to receive these ‘green homes’ tax credits,” said Senator Avella.