Bill > S04077

This bill establishes a comprehensive tax incentive program to encourage property owners in New York City to reduce carbon emissions through capital improvements. The legislation creates an Energy Efficiency Improvement Board that will administer tax exemptions and abatements for property owners who make eligible upgrades aimed at reducing greenhouse gas emissions. Eligible properties include multiple dwellings, commercial properties, single-family, and two-family homes, with improvements ranging from solar installations and energy-efficient appliances to building envelope repairs and system upgrades. Property owners can receive a 20-year tax exemption on increased property valuation and a corresponding tax abatement, with the percentage of abatement varying based on the percentage of greenhouse gas emissions reduced (ranging from 5% for 2-5% emissions reduction to 10% for 30% or more emissions reduction). To qualify, improvements must be completed within 60 months of permit issuance, have no outstanding municipal charges, and not require tenant displacement. Property owners must submit annual certifications documenting energy usage and emissions, and the board can revoke benefits for non-compliance or false reporting. The program is designed to support New York's climate goals, particularly the Climate Leadership and Community Protection Act's target of reducing greenhouse gas emissions 40% below 1990 levels by 2030.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4077