senate Bill S7595

2019-2020 Legislative Session

Provides for a tax abatement for electric energy storage equipment

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2020 referred to cities

S7595 (ACTIVE) - Details

See Assembly Version of this Bill:
A8923
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§499-bbbb & 499-cccc, RPT L
Versions Introduced in 2021-2022 Legislative Session:
S3229

S7595 (ACTIVE) - Summary

Provides for a tax abatement for electric energy storage equipment placed during the 2021 or 2022 tax year.

S7595 (ACTIVE) - Sponsor Memo

S7595 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7595

                            I N  S E N A T E

                            January 29, 2020
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

AN ACT to amend the real property tax law, in relation  to  providing  a
  tax abatement for electric energy storage equipment

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraphs (d) and (e) of subdivision 1 of section 499-bbbb
of the real property tax law, paragraph (d)  as  separately  amended  by
chapters  327  and  412  of  the laws of 2018, paragraph (e) as added by
chapter 412 of the laws of 2018, are amended and a new paragraph (f)  is
added to read as follows:
  (d) if the solar electric generating system is placed in service on or
after  January  first,  two thousand fourteen, and before January first,
two thousand twenty-one, for each year of the compliance period such tax
abatement shall be the lesser of (i)  five  percent  of  eligible  solar
electric  generating system expenditures, (ii) the amount of taxes paya-
ble in such tax year, or (iii) sixty-two thousand five hundred  dollars;
[or]
  (e)  if  electric  energy storage equipment is placed in service on or
after January first, two thousand nineteen, and  before  January  first,
two thousand twenty-one, for each year of the compliance period such tax
abatement  shall  be  the lesser of (i) ten percent of eligible electric
energy storage equipment expenditures, (ii) the amount of taxes  payable
in  such  tax year, or (iii) sixty-two thousand five hundred dollars[.];
OR
  (F) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN  SERVICE  ON  OR
AFTER  JANUARY FIRST, TWO THOUSAND TWENTY-ONE, AND BEFORE JANUARY FIRST,
TWO THOUSAND TWENTY-THREE, FOR EACH YEAR OF THE COMPLIANCE  PERIOD  SUCH
TAX  ABATEMENT  SHALL BE THE LESSER OF (I) TEN PERCENT OF ELIGIBLE ELEC-
TRIC ENERGY STORAGE EQUIPMENT EXPENDITURES, (II)  THE  AMOUNT  OF  TAXES
PAYABLE  IN  SUCH  TAX  YEAR,  OR  (III) SIXTY-TWO THOUSAND FIVE HUNDRED
DOLLARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14528-01-9

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