NY A01608

Establishes a real property tax abatement for buildings that install geothermal well systems, with the abatement equal to the lesser of 10% of eligible expenditures, annual taxes payable, or $62,500.

Applies only to geothermal wells placed in service between January 1, 2023 and January 1, 2025, with the abatement lasting four tax years (the compliance period).

Requires applicants to file for the abatement by March 15, 2025 and submit proof of required certifications, permits, and approvals from licensed architects or engineers.

Conditions the abatement on maintaining the geothermal system in compliance with local codes, permitting inspections, and keeping real estate taxes and municipal charges current during the compliance period.

Allows the department to revoke the abatement if the applicant fails to maintain compliance or submits false or misleading information, requiring repayment of taxes plus interest.