NY A01433

Extends the existing solar electric generating system and electric energy storage equipment tax abatement program to include geothermal well systems in cities with one million or more residents.

Defines a geothermal well system as a system that uses the earth's natural temperature underground to heat and/or cool a building.

Provides a tax abatement for geothermal well systems placed in service between January 1, 2023 and January 1, 2025, equal to the lesser of 10 percent of eligible expenditures, taxes payable, or $62,500 per year.

Allows applications for geothermal well system tax abatements to be filed between January 1, 2023 and March 15, 2025.

Requires applicants to obtain necessary permits, provide professional certifications regarding proper installation, and allow inspections by the designated agency to verify compliance during the abatement period.