NY A10619

Exempts energy-related public utility real property (electricity storage, transmission, distribution infrastructure) from taxation, special ad valorem levies, and special assessments when its primary purpose is to meet state climate goals.

Property owned prior to January 1, 2024 receives partial exemption limited to increases in value from new climate-goal infrastructure added to the property.

Commissioner of Taxation and Finance, in consultation with the Department of Public Service, must develop definitions and guidelines for eligibility; all exemptions require certification before assessment.

Any tax savings for utility companies from this exemption must be passed to ratepayers; exemptions remain in effect until the property is retired and removed from service.

Effective January 1 following enactment; agencies authorized to adopt necessary rules and regulations immediately upon passage.