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NY A08355
Bill
Status
12/13/2023
Primary Sponsor
Robert Carroll
Click for details
AI Summary
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Amends Real Property Tax Law to allow eligible buildings to receive direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems.
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Expands eligibility to include buildings owned by 501(c)(3) nonprofits, entities incorporated under the Private Housing Finance Law (Articles 2, 4, 5, 11), and income-restricted affordable housing properties with regulatory agreements from HUD, NYCDOE, or state housing agencies.
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Direct-pay credits issued as checks by the Department of Finance equal to the monetary value of the abatement, regardless of whether the building owes taxes in that tax year.
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Updates application and approval procedures for tax abatements or direct-pay credits to include electronic filing formats and places application deadline of January 1, 2036.
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Takes effect immediately upon enactment.
Legislative Description
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Last Action
referred to real property taxation
1/3/2024