NY S05593

Establishes a residential open green space tax abatement program for eligible residential buildings in cities with one million or more residents, allowing owners to remove impermeable surfaces and create vegetated yards.

Provides a tax abatement of $4.50 per square foot of residential open green space created, capped at the lesser of $100,000 or the building's annual tax liability.

Abatement applications must be filed between January 1, 2014 and March 15, 2018, with approval required before March 15 of the desired tax year; abatement lasts one year beginning July 1.

Applicants must obtain all required permits and certifications, maintain the green space for at least three years, allow inspections, and comply with local codes; failure to comply results in revocation of the abatement and repayment of taxes with interest.

Designated city agencies review and approve applications, while the Department of Finance administers the abatement, establishes procedures, and can revoke benefits for non-compliance or false information.