S 2470 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S02470 Summary: BILL NO S02470 &nbsp SAME AS SAME AS A06198

&nbsp SPONSOR PARKER &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Amd §499-bbbb, RPT L &nbsp Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2027 and before January 1, 2029.

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STATE OF NEW YORK ________________________________________________________________________

2470

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 Cities 1

AN ACT to amend the real property tax law, in relation to providing a tax abatement for electric energy storage equipment

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

1 Section 1. Paragraph (f) of subdivision 1 of section 499-bbbb of the 2 real property tax law, as added by chapter 485 of the laws of 2023, is 3 amended and a new paragraph (g) is added to read as follows: 4 (f) if the solar electric generating system and/or electric energy 5 storage system is placed in service on or after January first, two thou- 6 sand twenty-four, and before January first, two thousand thirty-five, 7 for each year of the compliance period such tax abatement shall be the 8 lesser of (i) seven and one-half percent of eligible solar electric 9 generating system and/or energy storage system expenditures, (ii) the 10 amount of taxes payable in such tax year, or (iii) sixty-two thousand 11 five hundred dollars[ . ] ; or 12 (g) if electric energy storage equipment is placed in service on or 13 after January first, two thousand twenty-seven, and before January 14 first, two thousand twenty-nine, for each year of the compliance period 15 such tax abatement shall be the lesser of (i) ten percent of eligible 16 electric energy storage equipment expenditures, (ii) the amount of taxes 17 payable in such tax year, or (iii) sixty-two thousand five hundred 18 dollars. 19 § 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06565-01-5

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