NY A05050

Establishes a 20-year tax exemption on increased assessed valuation from eligible carbon-reduction improvements to residential and commercial properties in cities with populations of one million or more.

Creates an Energy Efficiency Improvement Board within the Office of Real Property Services to approve applications, establish emission-reduction methodologies, and determine reasonable improvement costs.

Provides a 10 to 20-year tax abatement (not to exceed 200% of certified improvement costs) with annual amounts ranging from 5% to 10% of improvement costs, scaled by the percentage of greenhouse gas emissions reduced.

Limits eligible improvements to categories that reduce building emissions, including HVAC replacement, insulation, solar installation, energy-efficient appliances, and related design and permitting work.

Requires improvements to be commenced after December 31, 2021, completed within 60 months of permit issuance, and includes ongoing annual certification requirements; the law expires December 31, 2030.