NY S02389

Amends the real property tax law to extend industrial and commercial abatement program benefits to a peaking power plant that began operations in 2012 and was previously excluded from the program.

Adds new criteria for "peaking units" to qualify for tax abatement eligibility: units planned, approved, and under construction between the effective dates of the industrial and commercial abatement program and the 2011 amendments, that exclusively provide electricity to Zone J upon going into service.

Makes peaking units ineligible for "utility property" classification, instead classifying them as industrial property to qualify for tax abatement benefits under the program.

Benefits commence retroactively upon the effective date of this legislation for qualifying peaking units, with the benefit period determined by the program's standard provisions.

Takes effect immediately upon enactment.