NY A00777

Establishes a property tax abatement for facility-integrated carbon-to-value equipment (technologies that remove, capture, or beneficially use carbon dioxide) installed at class four buildings in cities with populations of one million or more persons.

Tax abatement equals the lesser of: five percent of eligible equipment expenditures, taxes payable for that year, or $100,000 annually, available for a four-year compliance period (extended to eight years for buildings with annual property tax liability under $100,000 if five percent of equipment costs exceed $100,000).

Equipment must be placed in service between January 1, 2023 and December 31, 2028, with applications accepted from January 1, 2024 through March 15, 2029.

Requires applicants to provide certifications from licensed professionals confirming equipment compliance with construction and fire codes, life cycle assessment verification per ISO 14040 standards, and agreement to permit inspections by designated city agencies.

Tax abatement may be revoked if applicant fails to maintain compliance, equipment becomes a safety hazard, property tax or municipal charges are delinquent for six months or more, or submitted documents contain false or misleading statements.