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NY S09688
Bill
Status
12/13/2024
Primary Sponsor
Nathalia Fernandez
Click for details
AI Summary
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Establishes a new tax exemption for owner-occupied residential buildings (up to two families) that make capital improvements to reduce carbon emissions, including heating/cooling systems, solar installation, insulation, energy-efficient appliances, and electrical system upgrades.
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Exemption lasts 20 years: 100% of increased assessed value exempt for first 10 years, then decreases by 10% annually over the next 10 years.
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Requires county, city, town, or village to adopt a local law and school district to adopt a resolution authorizing the exemption before property owners can apply.
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Exemption terminates if the property ceases to be used primarily for residential purposes or if ownership transfers to anyone other than the owner's heirs or distributees.
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Local jurisdictions may reduce the exemption percentage or limit/expand the categories of eligible improvements through local law or resolution, but cannot reduce or repeal exemptions already granted during their term.
Legislative Description
Provides for an exemption from taxation for capital improvements to residential buildings to reduce carbon emissions where the governing board of the applicable county, city, town or village adopts a local law and a school district, other than a school district subject to article fifty-two of the education law, adopts a resolution to grant the exemption.
Last Action
SIGNED CHAP.590
12/13/2024