NY S08252

Establishes a tax abatement for facility-integrated carbon-to-value equipment in cities with populations of one million or more that removes, captures, or beneficially uses carbon dioxide to reduce emissions.

Provides a tax abatement equal to the lesser of five percent of eligible equipment expenditures, taxes payable, or $100,000 per year for equipment placed in service between January 1, 2022 and December 31, 2027.

Extends the compliance period from four tax years to a maximum of eight years for buildings with annual property tax liability under $100,000 where five percent of equipment costs exceed $100,000, with a maximum abatement of $800,000.

Requires applicants to file applications between January 1, 2023 and March 15, 2028, including professional certifications that equipment meets building codes and achieves net carbon dioxide reductions verified by life cycle assessment under ISO 14040 standards.

Revokes abatements if applicants fail to maintain compliance, if equipment becomes a safety hazard, if property taxes are unpaid for six months or more, or if applications contain false or misleading statements.