Assembly Bill A7343

2021-2022 Legislative Session

Provides for a tax abatement for electric energy storage equipment

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A7343 (ACTIVE) - Details

See Senate Version of this Bill:
S3229
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §499-bbbb, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7595
2023-2024: A639, S7342
2025-2026: A6198, S2470

2021-A7343 (ACTIVE) - Summary

Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2024 and before January 1, 2026.

2021-A7343 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7343
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2021
                                ___________
 
 Introduced  by M. of A. CARROLL -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 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. Paragraph (e) of subdivision 1 of section 499-bbbb  of  the
 real property tax law, as amended by section 1 of item B of subpart H of
 part  XXX  of chapter 58 of the laws of 2020, is amended and a new para-
 graph (f) is added to read as follows:
   (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-four, 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[.]; OR
   (F) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN  SERVICE  ON  OR
 AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FOUR, AND BEFORE JANUARY FIRST,
 TWO THOUSAND TWENTY-SIX, 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05591-03-1

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