Bill > A08557

This bill creates a tax abatement for geothermal well systems in New York. The key provisions are: 1. It defines a "geothermal well system" as a system that uses the earth's natural temperature to heat and/or cool a building, and sets forth the requirements for eligible geothermal well system expenditures. 2. It allows for a tax abatement of up to 10% of eligible geothermal well expenditures, not to exceed the amount of taxes payable or $62,500, for a compliance period of 4 years for geothermal wells placed in service between January 1, 2021 and December 31, 2022. 3. It sets forth the application process for the tax abatement, including required certifications from architects, engineers, or other professionals, and allows the Department to revoke the abatement for non-compliance during the compliance period. 4. The bill takes effect immediately upon becoming law.