Bill > A01608

This bill creates a tax abatement (reduction) for geothermal well systems installed in buildings in New York. The tax abatement will be 10% of the eligible geothermal well expenditures, up to $62,500 per year, for the first four years after the system is placed in service between January 1, 2023 and January 1, 2025. The abatement is contingent on the system meeting certain requirements, such as complying with local codes and maintaining the system. The bill also outlines the application process and allows the department to revoke the abatement if the requirements are not met.