Assembly Actions -
Senate Actions - UPPERCASE
|Feb 27, 2023||
referred to real property taxation
Assembly Bill A5050
2023-2024 Legislative Session
Current Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
Inez E. Dickens
2023-A5050 (ACTIVE) - Details
2023-A5050 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5050 2023-2024 Regular Sessions I N A S S E M B L Y February 27, 2023 ___________ Introduced by M. of A. BRAUNSTEIN -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions; and to repeal such provisions upon the expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. New York's nation leading climate law, the climate leadership and community protection act of 2019 (CLCPA), requires the state to reduce its greenhouse gas emissions to 40 percent below 1990 levels by 2030, and 85 percent below 1990 levels by 2050, among other goals. At the same time, New York city's local law number 97 for the year 2019 requires buildings over 25,000 square feet to reduce their carbon emissions to comply with increasingly stringent emissions limits. While New York's building stock accounts for more than 25 percent of statewide greenhouse gas emissions and transportation is a top emitter, in New York city that ratio is reversed, with buildings accounting for approximately 70 percent of greenhouse gas emissions. As such, reaching the state and city's climate goals will require signif- icant investment to decarbonize buildings including through electrifica- tion, energy efficiency, and the use of new technologies and energy sources. The use of this targeted abatement, which would be available to support all property owners that are meaningfully engaged in reducing carbon emissions will ensure the success of the CLCPA and local law 97. This legislation will benefit all New Yorkers by ensuring that our buildings can play a vital role in decarbonization. § 2. The real property tax law is amended by adding a new section 488-b to read as follows: § 488-B. ABATEMENT AND EXEMPTION FROM REAL PROPERTY TAXES FOR CAPITAL IMPROVEMENTS TO REDUCE CARBON EMISSIONS. 1. FOR THE PURPOSES OF THIS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01352-04-3
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