Bill > A00701

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: - Expanding the existing "solar electric generating system, geothermal well system and electric energy storage equipment tax abatement" to include 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 for 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, 2025 and December 31, 2026. - Outlining the application process and requirements for the geothermal well system tax abatement, similar to the existing requirements for solar and energy storage systems. - Authorizing designated agencies to oversee and enforce the geothermal well system tax abatement program.