NY A06221

Creates a property tax abatement for buildings in cities with populations of one million or more (New York City) that install carbon-to-value equipment capturing, removing, or beneficially using carbon dioxide

Tax abatement equals the lesser of 5% of eligible equipment expenditures, the annual property tax liability, or $100,000 per year for a 4-year compliance period (extendable to 8 years for smaller tax liabilities)

Equipment must be placed in service between January 1, 2025 and December 31, 2030, with applications accepted from January 1, 2026 through March 15, 2031

Carbon capture equipment on fossil fuel boilers is only eligible if boilers were installed between January 1, 2019 and April 22, 2024, and cannot be located in designated environmental justice areas

Buildings must first exhaust other viable carbon emission reduction methods before qualifying, and carbon dioxide beneficial use must be verified through ISO 14040 life cycle assessment with storage lasting at least 100 years