Bill > S06595

This bill provides a tax abatement program for facility-integrated carbon-to-value equipment located in a city with a population of one million or more persons, specifically targeting technologies that remove, capture, or utilize carbon dioxide to reduce emissions. The bill defines detailed eligibility requirements for buildings and equipment, allowing property owners to receive a tax abatement of up to five percent of eligible equipment expenditures, not exceeding $100,000 per year, for facility-integrated carbon-to-value equipment installed between January 2025 and December 2030. The tax abatement applies to equipment that demonstrates verifiable carbon dioxide removal, storage, or beneficial use, with specific restrictions for boiler systems and exclusions for properties in environmental justice areas. Applicants must submit comprehensive documentation, including equipment details, certifications, and proof of required permits, and must maintain compliance with local codes and regulations throughout a three to eight-year compliance period. The bill empowers a designated city agency to review applications, inspect equipment, and revoke tax abatements if compliance is not maintained, with potential penalties including repayment of abated taxes and future ineligibility for the program.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6595