NY A00042

Creates a property tax exemption for utility-owned infrastructure (conduits, cables, lines, poles, substations, pipes, etc.) used for electricity or steam storage, transmission, and distribution when the primary purpose is meeting New York's climate goals

Exempts qualifying property from taxation, special ad valorem levies, and special assessments until the property is retired and removed from service

For utility property owned before January 1, 2025, the exemption applies only to increases in value resulting from new climate-related additions, not the existing base value

Requires the Commissioner of Taxation and Finance, in consultation with the Department of Public Service, to establish eligibility guidelines with public comment and certify each application

Mandates that any tax savings from the exemption must be passed on to utility ratepayers rather than retained as company profit