NY A05931

Establishes a property tax abatement for geothermal well systems in cities with populations of one million or more (New York City)

Defines "geothermal well system" as a system using the earth's natural underground temperature to heat and/or cool a building

Sets the tax abatement at the lesser of 10% of eligible geothermal well system expenditures, the amount of taxes payable that year, or $62,500 annually

Applies to geothermal systems placed in service between January 1, 2027, and January 1, 2029

Requires applications to be filed between January 1, 2027, and March 15, 2029, with certifications from licensed professionals confirming proper installation and code compliance