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NY A05959
Bill
Status
2/25/2025
Primary Sponsor
Robert Carroll
Click for details
AI Summary
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Establishes a direct-pay tax abatement credit for solar electric generating systems and electric energy storage systems installed on eligible buildings
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Eligible property owners include 501(c)(3) nonprofit organizations, entities incorporated under the private housing finance law (articles 2, 4, 5, or 11), and income-restricted affordable housing properties
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Income-restricted affordable housing includes properties with regulatory agreements from NYC Department of Housing Preservation and Development, NYC Housing Development Corporation, NYS Department of Housing and Community Renewal, or US Department of Housing and Urban Development
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Direct-pay credit equals the monetary value of the existing solar/storage tax abatement and is issued by the Department of Finance as a check, regardless of the property's tax liability
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Applications for the tax abatement or direct-pay credit may be filed through January 1, 2036
Legislative Description
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Last Action
referred to real property taxation
1/7/2026