NY A00701

Extends existing tax abatement program to include geothermal well systems (defined as systems using earth's natural temperature to heat and/or cool buildings) alongside solar electric generating systems and electric energy storage equipment.

Provides tax abatement for geothermal well systems placed in service on or after January 1, 2025 and before January 1, 2027, with abatement equal to the lesser of 10% of eligible expenditures, taxes payable in the tax year, or $62,500.

Sets application filing deadline for geothermal well system expenditures from January 1, 2025 through March 15, 2027, while maintaining earlier deadlines for solar and electric storage equipment applications.

Requires applicants to obtain necessary permits and certifications, provide proof of professional engineering or architectural review, and allow designated agency inspections of geothermal systems and related structures.

Establishes compliance requirements during the abatement period, including maintenance of equipment condition and adherence to applicable building codes, with provisions to revoke abatement if systems fail requirements or become safety hazards.