Bill > S02470

This bill amends the New York real property tax law to provide a tax abatement for electric energy storage equipment placed in service between January 1, 2027, and January 1, 2029. Specifically, the bill expands an existing tax incentive program for solar and energy storage systems by adding a new provision that offers a tax break for electric energy storage equipment. Under this new provision, property owners can receive a tax abatement equal to the lesser of: (1) 10% of eligible electric energy storage equipment expenditures, (2) the total amount of taxes payable in that tax year, or (3) $62,500 for each year during the compliance period. This tax incentive is designed to encourage investment in energy storage technology by reducing the financial burden on property owners who install such equipment. The bill builds upon previous legislation from 2023 that provided similar tax benefits for solar and energy storage systems, and it aims to further support the development of renewable energy infrastructure in New York State.