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NY A09649
Bill
Status
1/21/2026
Primary Sponsor
Andrew Hevesi
Click for details
AI Summary
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Exempts tangible property and appurtenances owned by Consolidated Edison, Inc. and National Grid from special franchise assessments in cities with populations of one million or more (New York City)
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Requires any tax savings from this exemption to be passed through to ratepayers through mechanisms determined by the Public Service Commission
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Pass-through options include rate reductions, temporary or permanent rate credits, refunds, bill adjustments, or other ratemaking treatments
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Amends the Real Property Tax Law definition of "special franchise" and adds new Section 72-b to the Public Service Law
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Takes effect immediately upon enactment
Legislative Description
Exempts certain utilities from special franchise assessments in New York city; requires that any reduction in special franchise taxes imposed on ConEd and National Grid shall be passed-through to rates charged to its ratepayers so that the full economic benefit of such reduction accrues to their ratepayers.
Last Action
enacting clause stricken
3/2/2026