NY A10536

Authorizes cities with populations over one million to provide tax abatements and exemptions for property owners making capital improvements to reduce carbon emissions.

Eligible improvements include building electrification, building envelope improvements, onsite clean energy generation, electric vehicle charging infrastructure, and other energy-reducing measures completed between January 1, 2022 and December 31, 2029.

Properties may receive exemptions from taxation on the assessed value increase from eligible improvements for up to 20 years, or abatements not exceeding 20 years capped at the cost of improvements.

Exemptions and abatements can be revoked for violations of building codes, housing maintenance codes, failure to file required reports, unpaid taxes or municipal charges over one year, or false statements in applications.

The act takes effect immediately and expires December 31, 2029.