S 2475 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S02475 Summary: BILL NO S02475A &nbsp SAME AS SAME AS A00042-A

&nbsp SPONSOR PARKER &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Add §28, Pub Serv L; add §487-b, RPT L &nbsp Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals; provides that such exemption shall remain in effect until it is retired or removed from service.

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STATE OF NEW YORK ________________________________________________________________________

2475--A

2025-2026 Regular Sessions

IN SENATE

January 21, 2025 ___________

Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations -- recommitted to the Committee on Energy and Telecommuni- cations in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee and committed to the Committee on Local Government -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee

AN ACT to amend the public service law and the real property tax law, in relation to establishing an exemption from taxation for energy-related public utility real property related to attaining state climate goals

The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:

1 Section 1. The public service law is amended by adding a new section 2 28 to read as follows: 3 § 28. Utility tax exemption for energy-related public utility real 4 property related to attaining state climate goals. 1. The department is 5 authorized and directed to consult with the commissioner of taxation and 6 finance in developing definitions and guidelines for the eligibility for 7 exemption of energy-related public utility real property as described in 8 subdivisions two and three of section four hundred eighty-seven-b of the 9 real property tax law. No energy-related public utility real property 10 shall be entitled to any exemption from taxation under section four 11 hundred eighty-seven-b of the real property tax law unless such project 12 meets the guidelines set by the commissioner of taxation and finance in 13 consultation with the department. 14 2. The department shall ensure that any net decrease in a utility 15 company's real property tax expense resulting from the provisions of 16 section four hundred eighty-seven-b of the real property tax law shall 17 inure to the benefit of the ratepayers of such company. 18 § 2. The real property tax law is amended by adding a new section 19 487-b to read as follows:

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00111-02-6

S. 2475--A 2

1 § 487-b. Exemption from taxation for energy-related public utility 2 real property related to attaining state climate goals. 1. As used in 3 this section: 4 (a) "Energy-related public utility real property" means real property 5 that is owned by a utility corporation and used in the storage, trans- 6 mission and distribution of electricity, or steam including conduits, 7 cables, lines, wires, poles, mains, pipes, substations, tanks, supports 8 and enclosures for electrical conductors located on, above and below 9 real property. 10 (b) "Department" means the department of public service. 11 (c) "Utility corporation" shall have the same meaning as defined in 12 section two of the public service law. 13 (d) "State climate goals" shall mean the climate justice and emission 14 reduction goals in article seventy-five of the environmental conserva- 15 tion law and the renewable energy goals in section sixty-six-p of the 16 public service law. 17 2. Energy-related public utility real property, the primary purpose of 18 which is to aid in meeting state climate goals, shall be exempt from 19 taxation, except school district tax levies. Such exemption shall remain 20 in effect until such energy-related public utility real property is 21 retired and removed from service. 22 3. Energy-related public utility real property owned by a utility 23 corporation prior to January first, two thousand twenty-five, the prima- 24 ry purpose of which is to aid in meeting state climate goals, shall be 25 exempt from taxation, except school district tax levies, to the extent 26 of any increase in the value thereof by reason of the inclusion of new 27 energy-related public utility real property designed to meet state 28 climate goals. Such exemption shall remain in effect until such assets 29 or installations are retired and removed from service. 30 4. The commissioner, in consultation with the department, shall, after 31 notice and opportunity for public comment, provide definitions and 32 guidelines for the eligibility for exemption of energy-related public 33 utility real property described in subdivisions two and three of this 34 section. No energy-related public utility real property shall be enti- 35 tled to any exemption from taxation under this section unless such 36 project meets the guidelines set by the commissioner, in consultation 37 with the department, and all other applicable provisions of law. The 38 commissioner, in consultation with the department, shall determine 39 adherence to such definitions and guidelines for each application and 40 shall certify or withhold certification for each application. 41 5. Such exemption shall be granted upon application by the owner and 42 certification by the commissioner, in consultation with the department. 43 Such application by the owner of the energy-related public utility real 44 property shall be on a form prescribed and made available by the commis- 45 sioner, in consultation with the department. The applicant shall furnish 46 such information as the commissioner shall require. The application 47 shall be filed with the assessor of the appropriate county, city, town 48 or village having the power to assess property for taxation on or before 49 the taxable status date of such county, city, town or village. A copy of 50 such application shall be filed with the commissioner who shall provide 51 it to the department. 52 6. The assessor shall approve applications certified by the commis- 53 sioner. In the event that energy-related public utility real property 54 granted an exemption pursuant to this section ceases to be used primari- 55 ly for eligible purposes, the exemption granted pursuant to this section 56 shall cease.

S. 2475--A 3

1 7. Any net decrease in a utility company's real property tax expense 2 resulting from the provisions of this section shall inure to the benefit 3 of the ratepayers of such company. 4 § 3. This act shall take effect on the first of January next succeed- 5 ing the date on which it shall have become a law and shall apply to 6 taxable years beginning on or after such date. Effective immediately, 7 the addition, amendment and/or repeal of any rule or regulation neces- 8 sary for the implementation of this act on its effective date are 9 authorized to be made and completed on or before such effective date.

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