NY S09603

Establishes a 20-year exemption from real property taxes for increases in assessed valuation resulting from eligible carbon-reduction improvements to buildings in cities with one million or more residents.

Creates an Energy Efficiency Improvement Board within the Office of Real Property Services to approve applications, establish greenhouse gas emissions reduction methodologies, and administer the tax benefits.

Eligible improvements include energy efficiency upgrades, heating/cooling system replacements, solar installation, insulation, electrical system repairs, and other work certified to reduce building greenhouse gas emissions.

Provides an additional abatement of real property taxes up to 200 percent of certified improvement costs, with abatement duration ranging from 2 to 20 years based on percentage of emissions reduction achieved.

Requires property owners to submit annual certifications regarding greenhouse gas emissions, code compliance, and tax status; allows revocation of benefits for violations, false statements, or failure to maintain compliance.