Bill > S02475

This bill establishes a tax exemption for energy-related public utility real property that helps New York achieve its state climate goals. The bill defines "energy-related public utility real property" as infrastructure owned by utility corporations used for electricity storage, transmission, and distribution, such as cables, lines, wires, poles, substations, and related equipment. Specifically, the bill provides two main types of tax exemptions: first, for new property primarily aimed at meeting state climate goals, which will be fully exempt from taxation until retired; and second, for existing property owned before January 1, 2025, which will be exempt to the extent of value increases related to new climate-goal-oriented infrastructure. To receive the exemption, utility companies must apply to the local assessor and obtain certification from the commissioner in consultation with the Department of Public Service. Importantly, any tax savings resulting from these exemptions must be passed on to utility ratepayers. The bill aligns with New York's broader environmental objectives, including emission reduction and renewable energy goals outlined in the Environmental Conservation Law and Public Service Law. The tax exemption is designed to incentivize utility companies to invest in infrastructure that supports the state's climate objectives while providing a financial benefit to consumers.

Government Affairs, Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S2475