Bill > A01433

This bill amends the Real Property Tax Law to provide a tax abatement for geothermal well systems installed in cities with a population of one million or more. The key provisions include: - Expanding the existing tax abatement program for solar electric generating systems and electric energy storage equipment to also cover geothermal well systems. - Defining "geothermal well system" as a system that uses the earth's natural temperature to heat and/or cool a building. - Allowing a tax abatement of up to 10% of the eligible geothermal well system expenditures, capped at $62,500 per year, for systems installed between January 1, 2023 and December 31, 2024. - Establishing application and certification requirements for the geothermal well system tax abatement, similar to the existing requirements for solar and energy storage systems. - Authorizing designated agencies to promulgate rules and regulations to implement and enforce the geothermal well system tax abatement program.