Bill Text: NY S03229 | 2021-2022 | General Assembly | Amended

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Bill Title: Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2024 and before January 1, 2026.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2022-04-25 - referred to real property taxation [S03229 Detail]

Download: New_York-2021-S03229-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3229--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 28, 2021
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Cities  1  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        AN  ACT  to  amend the real property tax law, in relation to providing a
          tax abatement for electric energy storage equipment

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph (e) of subdivision 1 of section 499-bbbb of the
     2  real property tax law, as amended by section 1 of item B of subpart H of
     3  part XXX of chapter 58 of the laws of 2020, is amended and a  new  para-
     4  graph (f) is added to read as follows:
     5    (e)  if  electric  energy storage equipment is placed in service on or
     6  after January first, two thousand nineteen, and  before  January  first,
     7  two  thousand  twenty-four,  for each year of the compliance period such
     8  tax abatement shall be the lesser of (i) ten percent of  eligible  elec-
     9  tric  energy  storage  equipment  expenditures, (ii) the amount of taxes
    10  payable in such tax year,  or  (iii)  sixty-two  thousand  five  hundred
    11  dollars[.]; or
    12    (f)  if  electric  energy storage equipment is placed in service on or
    13  after January first, two thousand twenty-four, and before January first,
    14  two thousand twenty-six, for each year of the compliance period such tax
    15  abatement shall be the lesser of (i) ten percent  of  eligible  electric
    16  energy  storage equipment expenditures, (ii) the amount of taxes payable
    17  in such tax year, or (iii) sixty-two thousand five hundred dollars.
    18    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05591-02-1