NY S06595

Creates a property tax abatement for buildings in cities with 1 million+ population that install carbon-to-value equipment capable of capturing, removing, or beneficially using carbon dioxide

Allows a tax abatement of 5% of eligible equipment expenditures per year, capped at $100,000 annually, for a 4-year compliance period (extendable to 8 years for smaller tax liability buildings, with maximum total abatement of $800,000)

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

Restricts eligibility for carbon capture from fossil fuel boilers to systems installed between 2019-2024, requires captured CO2 be utilized within the city and stored for at least 100 years, and prohibits such equipment in environmental justice areas

Requires buildings to exhaust other viable carbon reduction methods before qualifying, limits each building to one abatement, and mandates verification through ISO 14040-compliant life cycle assessments