Bill > A08558

This bill amends the real property tax law to provide a tax abatement for geothermal well systems in cities with a population of one million or more. The key provisions include: 1) Expanding the existing "Solar Electric Generating System and Electric Energy Storage Equipment Tax Abatement" to include "Geothermal Well System" tax abatements. 2) Defining "geothermal well system" as a system that uses the earth's natural temperature to heat and/or cool a building. 3) Providing a tax abatement of up to 10% of eligible geothermal well system expenditures, up to $62,500 per year, for systems placed in service between January 1, 2021 and December 31, 2022. 4) Allowing applications for the geothermal well system tax abatement to be filed between January 1, 2021 and March 15, 2023. 5) Requiring ongoing compliance and inspection of the geothermal well systems to maintain the tax abatement. The bill aims to incentivize the use of geothermal heating and cooling systems in large cities to promote energy efficiency and reduce reliance on fossil fuels.