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NY S04272
Bill
Status
2/3/2025
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Allows certain property owners to receive a direct-pay credit equal to the solar/energy storage tax abatement value, paid by the Department of Finance as a check regardless of taxes owed
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Eligible properties include buildings owned by 501(c)(3) nonprofit organizations and those incorporated under specific sections of the private housing finance law
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Extends eligibility to income-restricted affordable housing properties with regulatory agreements from NYC HPD, NYC Housing Development Corporation, NYS DHCR, or HUD
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Applications for the tax abatement or direct-pay credit can be filed through January 1, 2036
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Requires applicants to prove eligibility by clear and convincing evidence and have no outstanding real estate taxes, water/sewer charges, or other municipal charges
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 CITIES 1
1/7/2026