NY S02475

Creates a property tax exemption for utility-owned infrastructure (conduits, cables, poles, substations, pipes, etc.) used for electricity or steam storage, transmission, and distribution when the primary purpose is meeting state climate goals

New energy-related utility property acquired after January 1, 2025 receives full exemption from taxation, special ad valorem levies, and special assessments until retired from service

Pre-2025 utility property receives exemption only for increased value attributable to new climate-related infrastructure additions

Requires the Commissioner of Taxation and Finance, in consultation with the Department of Public Service, to establish eligibility definitions and guidelines with public comment opportunity and certify each application

Mandates that any reduction in utility property tax expenses from this exemption must be passed on to ratepayers as a benefit