Establishes the New York state energy savings program authorizing energy savings accounts and a personal income tax deduction for deposits.

The bill establishes the New York state energy savings program, authorizing the creation of energy savings accounts. It allows for a personal income tax deduction for deposits into these accounts. The program aims to incentivize residents to save for qualified energy expenses, such as energy efficiency upgrades for residential buildings. Contributions to accounts are limited to $100,000 per account, and the program includes provisions for qualified and nonqualified withdrawals, with penalties for nonqualified withdrawals.

Establishes the New York state energy savings program authorizing energy savings accounts and a personal income tax deduction for deposits.

The bill establishes the New York state energy savings program, authorizing the creation of energy savings accounts. It allows for a personal income tax deduction for deposits into these accounts. The program aims to incentivize residents to save for qualified energy expenses, such as energy efficiency upgrades for residential buildings. Contributions to accounts are limited to $100,000 per account, and the program includes provisions for qualified and nonqualified withdrawals, with penalties for nonqualified withdrawals.