NY S06033

Amends the real property tax law to clarify that peaking power plants are eligible for industrial and commercial abatement program benefits in cities with populations of one million or more persons.

Expands the definition of "peaking unit" to include generating or storage units that can supply ten-minute non-spinning and/or spinning reserve as defined by the New York independent system operator.

Specifically designates a peaking unit planned, approved, and under construction between the effective dates of the original law and the 2011 amendment that exclusively provides electricity to Zone J as eligible for abatement benefits, with benefits commencing from the effective date of this amendment.

Establishes that peaking units shall be classified as industrial property for tax purposes rather than utility property, and shall receive benefits according to the benefit period set forth in section 489-bbbbbb.

Takes effect April 1, 2022.