NY A08887

Establishes a tax abatement for facility-integrated carbon-to-value equipment (technologies that remove, capture, or beneficially use carbon dioxide) installed at eligible class four properties in cities with one million or more residents.

Provides tax abatement of the lesser of five percent of equipment expenditures, taxes payable, or $100,000 per year for equipment placed in service between January 1, 2022 and December 31, 2027, during a four-year compliance period (extendable to eight years for certain lower-income buildings).

Requires applicants to file applications between January 1, 2023 and March 15, 2028, including certifications from licensed professionals that equipment meets code requirements and life cycle assessment standards showing net carbon dioxide reductions.

Conditions abatement on continued compliance with all applicable laws, maintenance of equipment functionality, property tax payments, and allows designated city agencies to revoke abatements for noncompliance, false statements, or safety hazards.

Restricts eligibility for equipment capturing carbon from fossil fuel boilers to properties where captured carbon is utilized within the city and stored in materials for at least 100 years, and prohibits eligibility in designated environmental justice areas.