Bill > A00042

This bill establishes a tax exemption for energy-related public utility real property that helps New York state achieve its climate goals. Specifically, the bill defines "energy-related public utility real property" as real estate owned by utility corporations used for electricity storage, transmission, and distribution, including infrastructure like conduits, cables, lines, wires, poles, and substations. The exemption applies to property whose primary purpose is to support state climate objectives, as outlined in environmental conservation and renewable energy laws. Utility companies can apply for the exemption with the commissioner of taxation, who will review and certify applications in consultation with the department of public service. The tax exemption will remain in effect until the property is retired or removed from service. Importantly, the bill mandates that any tax savings from this exemption must be passed on to utility ratepayers, ensuring that the financial benefit is shared. The exemption covers both new energy-related property and existing property that is upgraded to meet climate goals, with a specific focus on infrastructure developed before January 1, 2025. The bill aims to incentivize utility companies to invest in infrastructure that supports New York's climate and renewable energy objectives by providing a financial incentive through tax relief.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A42