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