Bill Text: NY S07342 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 7342

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2026 and before January 1, 2028.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed) 2024-04-03 - referred to real property taxation [S07342 Detail]

Download: New_York-2023-S07342-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          7342

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 19, 2023
                                       ___________

        Introduced  by  Sens. PARKER, JACKSON -- read twice and ordered printed,
          and when printed to be committed to the Committee on Cities 1

        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-six, and before January first,
    14  two thousand twenty-eight, for each year of the compliance  period  such
    15  tax  abatement  shall be the lesser of (i) ten percent of eligible elec-
    16  tric energy storage equipment expenditures, (ii)  the  amount  of  taxes
    17  payable  in  such  tax  year,  or  (iii) sixty-two thousand five hundred
    18  dollars.
    19    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00553-01-3