NY S07204

Expands real property tax exemptions to include micro-hydroelectric energy systems, fuel cell electric generating systems, and micro-combined heat and power generating equipment systems in addition to existing solar, wind, and farm waste energy systems.

Provides a fifteen-year tax exemption on the increased property value attributable to the newly eligible energy systems if approved and constructed between January 1, 2015 and January 1, 2017.

Requires the president of the authority to establish definitions and guidelines for eligibility of all covered energy equipment and systems.

Allows counties, cities, towns, villages, and school districts to opt out of the exemption for the newly eligible energy systems through local law or resolution, with copies to be filed with the commissioner and authority president.

Takes effect January 1, 2015.