Bill > A06198

This bill amends the New York Real Property Tax Law to provide a tax abatement for electric energy storage equipment installed between January 1, 2027, and January 1, 2029. Specifically, the bill creates a new tax incentive that allows property owners to receive a tax reduction for investing in electric energy storage equipment. Under the proposed provision, property owners can receive a tax abatement that is the lesser of: (1) 10 percent of eligible electric energy storage equipment expenditures, (2) the total amount of taxes payable in that tax year, or (3) $62,500. This builds upon an existing tax abatement program for solar electric generating systems and energy storage systems that was previously established in 2023. The tax abatement is designed to encourage investment in energy storage technologies by providing a financial incentive that reduces the property tax burden for owners who install such equipment during the specified timeframe. The bill takes effect immediately upon passage.