NY A00637

Creates a real property tax abatement for buildings that install geothermal well systems between January 1, 2025 and January 1, 2027.

Abatement equals the lesser of 10 percent of eligible geothermal well expenditures, the annual taxes payable, or $62,500 per year for four years (the "compliance period").

Eligible expenditures include materials, labor, installation, architectural and engineering services, but exclude interest, finance charges, and costs covered by federal, state, or local grants.

Applicants must file by March 15, 2027 with proof of permits, professional certifications that the system meets codes, and agree to inspections; abatement begins July 1 following department approval.

Department may revoke the abatement for non-compliance with applicable codes, failure to maintain the system, false statements in applications, or if property taxes or municipal charges become 6+ months delinquent; applicants must repay abated taxes with interest.