Bill > A05931

This bill amends the New York Real Property Tax Law to extend a tax abatement program to include geothermal well systems in cities with a population of one million or more (which means New York City). A geothermal well system uses the earth's natural underground temperature to heat and cool buildings. The bill creates a new tax incentive for installing these systems, offering property owners a tax abatement of up to 10% of eligible geothermal well system expenditures, not to exceed $62,500 per year. Property owners can apply for this abatement for geothermal systems installed between January 1, 2027, and January 1, 2029. To qualify, applicants must file an application with supporting documentation, including proof of required permits and certifications from a professional engineer or architect confirming the system's proper installation. The bill requires ongoing compliance with local construction and fire codes, and allows designated agencies to inspect the geothermal systems. This tax abatement is designed to encourage the adoption of more energy-efficient and environmentally friendly heating and cooling technologies in large urban areas like New York City.