NY S04077

Establishes a real property tax exemption and abatement program for buildings in cities of one million or more (New York City) that make capital improvements to reduce greenhouse gas emissions

Creates an Energy Efficiency Improvement Board within the Office of Real Property Services, consisting of four governor-appointed members plus two non-voting members appointed by NYC's mayor, to administer the program and approve applications

Provides a 20-year tax exemption on any increase in assessed valuation resulting from eligible improvements, which must be completed within 60 months of permit issuance and started after December 31, 2023

Offers a 10-year abatement for projects achieving 2-29% emissions reduction (5-9.5% of improvement costs annually) or up to a 20-year abatement for projects achieving 30% or greater reduction (10% of costs annually), with total abatement capped at 200% of certified reasonable costs

Eligible improvements include electrification of heating/cooling systems, solar installation, green roofs, insulation, energy-efficient appliances, and building envelope repairs; the program expires December 31, 2032