Assembly Bill A8355

2023-2024 Legislative Session

Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings

download bill text pdf

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Current 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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2023-A8355 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§499-bbbb & 499-cccc, RPT L

2023-A8355 (ACTIVE) - Summary

Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.

2023-A8355 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8355
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 13, 2023
                                ___________
 
 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  for
   a  direct-pay  tax  abatement  credit  for  solar  electric generating
   systems and electric energy storage systems in connection with  eligi-
   ble buildings

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 499-bbbb of the real property tax law is amended by
 adding a new subdivision 5 to read as follows:
   5. NOTWITHSTANDING ANY LIMITATIONS OR RESTRICTIONS ESTABLISHED  WITHIN
 THIS  SECTION OR ANY LOCAL LAW OR RESOLUTION, ANY ELIGIBLE BUILDING THAT
 IS OWNED BY A CORPORATION, ASSOCIATION, ORGANIZATION OR TRUST  DESCRIBED
 IN  SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE, INCOR-
 PORATED UNDER ARTICLE TWO, FOUR, FIVE, OR ELEVEN OF THE PRIVATE  HOUSING
 FINANCE  LAW,  OR  IS  AN INCOME-RESTRICTED AFFORDABLE HOUSING PROPERTY,
 INCLUDING BUT NOT LIMITED TO PROPERTIES WITH REGULATORY AGREEMENTS  WITH
 THE  NEW  YORK  CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT,
 NEW YORK CITY HOUSING DEVELOPMENT CORPORATION, NEW YORK STATE DEPARTMENT
 OF HOUSING AND COMMUNITY RENEWAL, OR THE  UNITED  STATES  DEPARTMENT  OF
 HOUSING AND URBAN DEVELOPMENT, SHALL BE ELIGIBLE FOR A DIRECT-PAY CREDIT
 EQUAL  TO THE MONETARY VALUE OF THE ABATEMENT AS CALCULATED IN PARAGRAPH
 (F) OF SUBDIVISION ONE OF THIS SECTION. SUCH DIRECT-PAY CREDIT SHALL  BE
 ISSUED  TO  THE  ELIGIBLE BUILDING OWNER BY THE DEPARTMENT OF FINANCE IN
 THE FORM OF A CHECK IRRESPECTIVE OF THE AMOUNT OF TAXES PAYABLE IN  SUCH
 TAX YEAR.
   §  2.  The  section  heading and subdivisions 1, 4, 5 and 6 of section
 499-cccc of the real property tax law, the section heading and  subdivi-
 sions  4,  5 and 6 as added by chapter 473 of the laws of 2008, subdivi-
 sion 1 as amended by chapter 485 of the laws of  2023,  are  amended  to
 read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13650-01-3

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