NY A02047

Creates a real property tax abatement and exemption program for capital improvements that reduce greenhouse gas emissions in New York City buildings, including multiple dwellings, commercial properties, and single/two-family homes

Establishes an Energy Efficiency Improvement Board within the Office of Real Property Services, consisting of four governor-appointed members (including the Commissioner of Taxation and Finance, NYSERDA president, and HCR commissioner) plus two non-voting members appointed by the NYC mayor

Provides a 20-year property tax exemption on increased assessed value resulting from eligible improvements, which include heating/cooling system upgrades, insulation, solar installations, green roofs, energy-efficient appliances, and building envelope repairs

Offers a 10-year abatement (5-9.5% of costs annually) for projects achieving 2-29% greenhouse gas emission reductions, or up to a 20-year abatement (10% of costs annually) for projects achieving 30% or greater reductions, with total abatement capped at 200% of certified reasonable costs

Eligible improvements must be commenced after December 31, 2023, completed within 60 months of permit issuance, and the program expires December 31, 2032