Bill > A06221

This bill provides a tax abatement program for facility-integrated carbon-to-value equipment in cities with a population of one million or more, specifically targeting New York City. The bill defines various terms related to carbon dioxide management, such as carbon dioxide capture, removal, and beneficial use, and establishes a framework for property owners to receive tax breaks for installing equipment that reduces carbon emissions. Eligible properties can receive a tax abatement of up to the lesser of 5% of eligible equipment expenditures, the total taxes payable in a given year, or $100,000 for a compliance period of four years (potentially extended to eight years for smaller properties). To qualify, the carbon-to-value equipment must be installed between January 2025 and December 2030, and must demonstrably reduce carbon dioxide emissions through capture, removal, or beneficial use. Applicants must submit detailed documentation, including equipment specifications, permits, and professional certifications. The bill includes strict rules for maintaining eligibility, with provisions for revoking the tax abatement if equipment fails to meet requirements or if property owners do not comply with ongoing conditions. The designated agency (likely a New York City department) will oversee application review, equipment certification, and enforcement of the program's guidelines.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6221