New York S03353 provides tax exemptions for the sale and installation of residential and commercial geothermal heat pump systems.
New York S03353 amends the tax law to exempt the sale and installation of residential geothermal heat pump systems from tax. It also exempts the sale and installation of commercial geothermal heat pump systems from tax. The bill defines "residential geothermal heat pump system equipment" and "commercial geothermal heat pump system equipment" and specifies that these arrangements or components should not include recreational facilities or equipment used as a storage medium. The act takes effect on the first day of a sales tax quarterly period, at least ninety days after it becomes law.
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