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NY S07615
Bill
Status
1/31/2018
Primary Sponsor
Andrew Lanza
Click for details
AI Summary
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Amends real property tax law and NYC administrative code to make peaking power plants eligible for industrial and commercial abatement (ICAP) benefits retroactively from the effective date of this legislation.
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Defines "peaking unit" as a generating unit operating less than 18 hours annually following each start, or meeting New York Independent System Operator specifications, and adds new category for units planned and under construction between 2011 and 2011 legislation that exclusively serve Zone J.
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Classifies peaking units as industrial property rather than utility property, making them eligible for ICAP benefits despite previous legislative exclusion.
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Establishes that benefit periods for qualifying peaking units shall follow the schedule specified in related real property tax and administrative code sections.
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Takes effect immediately upon enactment.
Legislative Description
Grants eligibility for the tax abatement for industrial and commercial construction work in cities having a population of one million or more, to certain electric generating facilities the operation of which commenced in 2012.
Last Action
COMMITTED TO RULES
6/20/2018