NY S07849

Amends real property tax law and New York City administrative code to allow certain peaking power plants to receive industrial and commercial abatement program (ICAB) benefits retroactively.

Specifically targets a peaking power plant that began operations in 2012 and has been paying property taxes despite legislative intent to include such facilities in the 2011 ICAB amendment.

Defines eligible peaking units as those planned, approved, and under construction between the effective date of the ICAB program and chapter 28 of the 2011 laws that exclusively provide electricity to Zone J upon going into service.

Benefits commence retroactively upon the effective date of the bill and follow the benefit period established for peaking units under existing law.

Takes effect immediately upon enactment.