New York A02493 establishes a tax credit for installing electric car charging outlets in parking garages owned by condominium or cooperative housing.

New York A02493 amends the tax law to create a tax credit for the installation of electrical outlets for charging electric cars in parking garages owned by condominium management associations or cooperative housing corporations. The credit applies to taxable years beginning on or after January 1, 2026, and can be carried over to subsequent years. The credit is limited to 55% of the expenditure or $7,000, whichever is less, and cannot exceed the taxpayer's tax liability for the year. If the credit exceeds the tax, the excess can be carried over to future years.

New York A02493 establishes a tax credit for installing electric car charging outlets in parking garages owned by condominium or cooperative housing.

New York A02493 amends the tax law to create a tax credit for the installation of electrical outlets for charging electric cars in parking garages owned by condominium management associations or cooperative housing corporations. The credit applies to taxable years beginning on or after January 1, 2026, and can be carried over to subsequent years. The credit is limited to 55% of the expenditure or $7,000, whichever is less, and cannot exceed the taxpayer's tax liability for the year. If the credit exceeds the tax, the excess can be carried over to future years.