Bill > A03061

This bill creates a targeted tax abatement program for geothermal well systems installed between January 1, 2027, and January 1, 2029, offering property owners a tax break of up to $62,500 over two years. The abatement is calculated as 10% of eligible geothermal well expenditures, which include materials, labor, architectural and engineering services, and installation costs, but exclude interest, finance charges, and grant-funded expenses. To qualify, property owners must submit a detailed application by March 15th before the tax year they seek the abatement, providing proof of required permits, professional certifications that the system meets local codes, and agreeing to inspections. The geothermal well system must use the earth's natural underground temperature to heat and/or cool a building, and the tax abatement is conditional on continuous compliance with legal requirements and maintaining the system's functionality. The program includes provisions for revoking the abatement if the applicant fails to meet ongoing requirements, with potential financial penalties and disqualification from future tax abatements for non-compliance or submitting false information. For condominiums, the tax abatement benefits will be apportioned among all tax lots within the eligible building.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3061