S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5450
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 6, 2023
                                ___________
 
 Introduced  by  Sens.  JACKSON,  CLEARE, COMRIE, HOYLMAN-SIGAL, SALAZAR,
   SEPULVEDA -- read twice and ordered printed, and when  printed  to  be
   committed to the Committee on Cities 1
 
 AN  ACT  to  amend the real property tax law, in relation to providing a
   tax abatement for facility-integrated carbon-to-value equipment

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Article 4 of the real property tax law is amended by adding
 a new title 3-A to read as follows:
                                 TITLE 3-A
     CARBON-TO-VALUE TAX ABATEMENT FOR CERTAIN PROPERTIES IN A CITY OF
                        ONE MILLION OR MORE PERSONS
 SECTION 498.   DEFINITIONS.
         498-A. TAX ABATEMENT TERMS AND AMOUNTS.
         498-B. TAX ABATEMENT APPLICATION GUIDELINES AND RULES.
         498-C. TAX ABATEMENT CONTINUING REQUIREMENTS.
         498-D. TAX ABATEMENT REVOCATION RULES.
         498-E. TAX ABATEMENT ENFORCEMENT AND ADMINISTRATION.
         498-F. TAX LIEN AND INTEREST RULES.
   § 498. DEFINITIONS. WHEN USED IN THIS TITLE:
   1. "ANTHROPOGENIC CARBON DIOXIDE EMISSIONS" SHALL REFER TO THE RELEASE
 OF  HEAT-TRAPPING  CARBON  DIOXIDE  POLLUTION  INTO  THE ATMOSPHERE AS A
 RESULT OF HUMAN ACTIVITIES.
   2. "APPLICATION FOR TAX ABATEMENT" SHALL MEAN  AN  APPLICATION  FOR  A
 FACILITY-INTEGRATED  CARBON-TO-VALUE EQUIPMENT TAX ABATEMENT PURSUANT TO
 SECTION FOUR HUNDRED NINETY-EIGHT-B OF THIS TITLE.
   3. "CARBON DIOXIDE BENEFICIAL USE" SHALL  REFER  TO  A  PRACTICE  THAT
 INVOLVES THE UTILIZATION OF CARBON DIOXIDE IN A PROCESS TO MANUFACTURE A
 PRODUCT  OR  OPERATE  EQUIPMENT  THAT: (A) RESULTS IN A NET REDUCTION IN
 OPERATIONAL AND/OR EMBODIED CARBON DIOXIDE AT A  FACILITY  OR  PROPERTY;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01156-01-3
 S. 5450                             2
              

 
 AND (B) IS VERIFIED BY A LIFE CYCLE ASSESSMENT IN COMPLIANCE WITH INTER-
 NATIONAL STANDARD ISO 14040.
   4.  "CARBON  DIOXIDE  CAPTURE" SHALL REFER TO THE PROCESS OF CAPTURING
 CARBON DIOXIDE AT EMISSIONS POINT  SOURCES  LOCATED  AT  FACILITIES  AND
 BUILDINGS.
   5.  "CARBON  DIOXIDE  REMOVAL"  SHALL REFER TO THE PROCESS OF REMOVING
 CARBON DIOXIDE FROM THE ATMOSPHERE.
   6. "CARBON DIOXIDE STORAGE" SHALL REFER TO THE PROCESS  OF  CHEMICALLY
 AND/OR PHYSICALLY SEQUESTERING CARBON DIOXIDE EMISSIONS FROM POST-INDUS-
 TRIAL OR ATMOSPHERIC SOURCES IN MATERIALS, PRODUCTS OR GEOLOGICAL FORMA-
 TIONS FOR PERIODS OF TIME EQUAL TO OR GREATER THAN ONE HUNDRED YEARS.
   7.  "COMPLIANCE  PERIOD" SHALL MEAN THE TAX YEAR IN WHICH A TAX ABATE-
 MENT COMMENCES AND THE  THREE  TAX  YEARS  IMMEDIATELY  THEREAFTER.  FOR
 ELIGIBLE  CARBON-TO-VALUE  APPLICATIONS  PLACED  IN  SERVICE AT ELIGIBLE
 BUILDINGS FOR WHICH ANNUAL  PROPERTY  TAX  LIABILITY  FOR  THE  ELIGIBLE
 BUILDING  IS  LESS THAN ONE HUNDRED THOUSAND DOLLARS, AND FOR WHICH FIVE
 PERCENT OF THE ELIGIBLE CARBON-TO-VALUE EQUIPMENT  EXPENDITURES  EXCEEDS
 ONE HUNDRED THOUSAND DOLLARS, THE COMPLIANCE PERIOD SHALL BE EXTENDED TO
 A  MAXIMUM OF EIGHT TAX YEARS TO ALLOW ELIGIBLE BUILDING OWNERS TO AVAIL
 A TAX ABATEMENT EQUAL TO  THE  LESSER  OF  TWENTY  PERCENT  OF  ELIGIBLE
 CARBON-TO-VALUE   EQUIPMENT  EXPENDITURES,  OR  EIGHT  HUNDRED  THOUSAND
 DOLLARS.
   8. "DESIGNATED AGENCY" SHALL MEAN ONE OR MORE AGENCIES OR  DEPARTMENTS
 OF  A  CITY  HAVING A POPULATION OF ONE MILLION OR MORE PERSONS THAT ARE
 DESIGNATED BY THE MAYOR OF SUCH CITY TO EXERCISE THE  FUNCTIONS,  POWERS
 AND  DUTIES  OF  A  DESIGNATED  AGENCY PURSUANT TO THIS TITLE, INCLUDING
 CERTIFICATION OF ELIGIBLE CARBON-TO-VALUE  EQUIPMENT,  APPLICATIONS  AND
 BUILDINGS.
   9.  "ELIGIBLE  CARBON-TO-VALUE APPLICATION" SHALL MEAN THE APPLICATION
 OF CARBON-TO-VALUE EQUIPMENT AT FACILITIES FOR THE PURPOSES OF  MITIGAT-
 ING  CARBON DIOXIDE EMISSIONS THAT ARE: (A) GENERATED AS A RESULT OF THE
 OPERATION OF THAT FACILITY; AND/OR (B) THE MANUFACTURE OF MATERIALS THAT
 ARE PREPARED OR PRODUCED AT THAT FACILITY, BY TECHNOLOGIES THAT  REMOVE,
 CAPTURE  AND/OR  BENEFICIALLY  USE  CARBON  DIOXIDE,  RESULTING IN A NET
 REDUCTION OF CARBON DIOXIDE EMISSIONS.
   10. "ELIGIBLE BUILDING" SHALL MEAN CLASS FOUR  REAL  PROPERTY  LOCATED
 WITHIN A CITY HAVING A POPULATION OF ONE MILLION OR MORE PERSONS. DESIG-
 NATED  AGENCIES  SHALL  BE  EMPOWERED  TO EXCLUDE PROPERTY TAX ABATEMENT
 ELIGIBILITY OF CERTAIN BUILDING TYPES ON THE  BASIS  OF  CARBON  DIOXIDE
 EMISSIONS  REDUCTION  AND/OR ENVIRONMENTAL JUSTICE CONSIDERATIONS IF THE
 LATTER ARE DETERMINED TO CONTRADICT THE INTENT OF  EXISTING  LOCAL  LAWS
 THAT  HAVE  BEEN  ESTABLISHED  TO REDUCE THE CARBON DIOXIDE EMISSIONS OF
 SUCH BUILDINGS.   NO BUILDING SHALL BE ELIGIBLE  FOR  THE  PROPERTY  TAX
 ABATEMENT, UNDER THIS PROVISION, IF THE DESIGNATED AGENCIES EMPOWERED TO
 ADMINISTER  SUCH  ABATEMENT,  DEEM  THAT SUCH BUILDING HAS NOT EXHAUSTED
 OTHER VIABLE METHODS TO REDUCE THE BUILDING'S CARBON EMISSIONS IN ALIGN-
 MENT WITH RULES, OBJECTIVES AND PROGRAMS ESTABLISHED PURSUANT TO  EXIST-
 ING  LOCAL  LAWS.  NO  BUILDING  SHALL BE ELIGIBLE FOR MORE THAN ONE TAX
 ABATEMENT PURSUANT TO THIS TITLE.
   11.  "ELIGIBLE  CARBON-TO-VALUE  EQUIPMENT  EXPENDITURES"  SHALL  MEAN
 REASONABLE EXPENDITURES FOR MATERIALS, LABOR COSTS PROPERLY ALLOCABLE TO
 ON-SITE  PREPARATION,  ASSEMBLY AND ORIGINAL INSTALLATION, ARCHITECTURAL
 AND ENGINEERING SERVICES, AND DESIGNS AND PLANS DIRECTLY RELATED TO  THE
 CONSTRUCTION  OR  INSTALLATION OF CARBON-TO-VALUE EQUIPMENT INSTALLED IN
 CONNECTION WITH AN ELIGIBLE BUILDING. SUCH ELIGIBLE  EXPENDITURES  SHALL
 S. 5450                             3
 
 NOT  INCLUDE  INTEREST  OR  OTHER  FINANCE  CHARGES, OR ANY EXPENDITURES
 INCURRED USING A FEDERAL, STATE OR LOCAL GRANT.
   12. "ENVIRONMENTAL JUSTICE AREAS" SHALL MEAN LOW-INCOME COMMUNITIES OR
 MINORITY  COMMUNITIES  LOCATED  IN A CITY OF ONE MILLION OR MORE PERSONS
 THAT HAVE BEEN DESIGNATED AND DEFINED PURSUANT TO  LOCAL  LAW  BASED  ON
 UNITED STATES CENSUS DATA.
   13. "FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT" REFERS TO TECHNOL-
 OGIES  PLACED  IN  SERVICE  AT BUILDINGS WITHIN A CITY OF ONE MILLION OR
 MORE PERSONS THAT REMOVE CARBON DIOXIDE FROM THE  AMBIENT  AIR,  CAPTURE
 CARBON  DIOXIDE  FROM  EMISSIONS  POINT SOURCES LOCATED AT THE PROPERTY,
 AND/OR UTILIZE CARBON DIOXIDE IN THE PRODUCTION OF GOODS AND  MATERIALS.
 QUALIFIED  CARBON-TO-VALUE  EQUIPMENT MUST PERFORM FUNCTIONS THAT RESULT
 EITHER IN VERIFIABLE CARBON DIOXIDE REMOVAL AND STORAGE OR CONSTITUTE  A
 VERIFIABLE  CARBON  DIOXIDE  BENEFICIAL  USE  THAT RESULTS IN REDUCED OR
 AVOIDED CARBON DIOXIDE EMISSIONS.
   § 498-A. TAX ABATEMENT TERMS AND AMOUNTS. 1. IF THE FACILITY-INTEGRAT-
 ED CARBON-TO-VALUE EQUIPMENT IS PLACED IN SERVICE ON  OR  AFTER  JANUARY
 FIRST,  TWO  THOUSAND TWENTY-THREE, AND NOT AFTER DECEMBER THIRTY-FIRST,
 TWO THOUSAND TWENTY-EIGHT, FOR EACH YEAR OF THE COMPLIANCE  PERIOD  SUCH
 TAX  ABATEMENT  SHALL  BE  THE  LESSER  OF: (A) FIVE PERCENT OF ELIGIBLE
 FACILITY-INTEGRATED  CARBON-TO-VALUE  EQUIPMENT  EXPENDITURES;  (B)  THE
 AMOUNT  OF  TAXES  PAYABLE IN SUCH TAX YEAR; OR (C) ONE HUNDRED THOUSAND
 DOLLARS.
   2. FOR FACILITY-INTEGRATED  CARBON-TO-VALUE  EQUIPMENT  THAT  CAPTURES
 CARBON DIOXIDE FROM BOILER SYSTEMS THAT COMBUST FOSSIL-BASED HYDROCARBON
 FUELS  ELIGIBILITY FOR THE PROPERTY TAX ABATEMENT SHALL BE RESTRICTED TO
 PROPERTIES THAT MEET THE FOLLOWING CONDITIONS:
   (A) BOILER SYSTEMS THAT ARE LOCATED AT THE  PROPERTY  WERE  PLACED  IN
 SERVICE  BETWEEN  JANUARY  FIRST, TWO THOUSAND FIFTEEN AND APRIL TWENTY-
 SECOND, TWO THOUSAND TWENTY.
   (B) THE CARBON DIOXIDE  CAPTURED  AT  THE  PROPERTY  BY  THE  PROPOSED
 CARBON-TO-VALUE APPLICATION SHALL:
   (I) BE UTILIZED SUBSEQUENT TO CAPTURE WITHIN THE PHYSICAL JURISDICTION
 OF THE CITY WITH A POPULATION OF ONE MILLION OR MORE PEOPLE; AND
   (II)  RESULT IN THE STORAGE OF CARBON DIOXIDE IN MATERIALS FOR PERIODS
 OF NO LESS THAN ONE HUNDRED YEARS IN DURATION.
   (C) THE CARBON-TO-VALUE APPLICATION AT THE PROPERTY SHALL  DEMONSTRATE
 NET  CARBON DIOXIDE REDUCTIONS AS VERIFIED BY A LIFE CYCLE ASSESSMENT IN
 COMPLIANCE WITH INTERNATIONAL STANDARD ISO 14040.
   (D) THE EQUIPMENT SHALL NOT BE LOCATED  AT  BUILDINGS  LOCATED  WITHIN
 DESIGNATED  ENVIRONMENTAL  JUSTICE  AREAS  AS  DEFINED  BY A CITY OF ONE
 MILLION OR MORE PERSONS PURSUANT TO LOCAL LAW.
   § 498-B. TAX ABATEMENT APPLICATION GUIDELINES AND RULES.  1. TO OBTAIN
 A TAX ABATEMENT PURSUANT TO THIS TITLE, AN APPLICANT MUST FILE AN APPLI-
 CATION FOR TAX ABATEMENT, WHICH MAY BE FILED ON OR AFTER JANUARY  FIRST,
 TWO THOUSAND TWENTY-FOUR, AND ON OR BEFORE MARCH FIFTEENTH, TWO THOUSAND
 TWENTY-NINE.
   2. SUCH AN APPLICATION SHALL CONTAIN THE FOLLOWING:
   (A)  THE  NAME  AND  ADDRESS  OF THE APPLICANT AND THE LOCATION OF THE
 FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT.
   (B) THE TYPE OF FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT.
   (C) A DESCRIPTION OF THE SPECIFIC UTILIZATION OR UTILIZATIONS  OF  THE
 CARBON  DIOXIDE  THAT  WILL BE REMOVED OR CAPTURED BY THE FACILITY-INTE-
 GRATED CARBON-TO-VALUE EQUIPMENT.
 S. 5450                             4
 
   (D) PROOF THAT THE APPLICANT  RECEIVED  ALL  REQUIRED  CERTIFICATIONS,
 PERMITS   AND  OTHER  APPROVALS  TO  CONSTRUCT  THE  FACILITY-INTEGRATED
 CARBON-TO-VALUE EQUIPMENT.
   (E)  CERTIFICATIONS  IN A FORM PRESCRIBED BY A DESIGNATED AGENCY, FROM
 AN ARCHITECT, ENGINEER OR OTHER CERTIFIED OR LICENSED PROFESSIONAL  WHOM
 A  DESIGNATED AGENCY DESIGNATES BY RULE, THAT: (I) A FACILITY-INTEGRATED
 CARBON-TO-VALUE EQUIPMENT HAS BEEN PLACED IN SERVICE IN CONNECTION  WITH
 AN ELIGIBLE BUILDING IN ACCORDANCE WITH THIS TITLE, THE RULES PROMULGAT-
 ED  HEREUNDER, AND LOCAL CONSTRUCTION AND FIRE CODES; AND (II) IF DEEMED
 APPLICABLE BY A DESIGNATED AGENCY, THE FACILITY-INTEGRATED CARBON-TO-VA-
 LUE EQUIPMENT HAS BEEN PLACED ON THE ROOF OF A BUILDING OR OTHER  STRUC-
 TURE,  THAT  A  STRUCTURAL ANALYSIS HAS BEEN PERFORMED ESTABLISHING THAT
 SUCH BUILDING OR STRUCTURE CAN SUSTAIN THE LOAD OF  SUCH  FACILITY-INTE-
 GRATED  CARBON-TO-VALUE  EQUIPMENT.  ALL CERTIFICATIONS REQUIRED BY THIS
 TITLE OR THE RULES PROMULGATED HEREUNDER SHALL SET  FORTH  THE  SPECIFIC
 FINDINGS UPON WHICH THE CERTIFICATION IS BASED, AND SHALL INCLUDE INFOR-
 MATION  SUFFICIENT  TO  IDENTIFY  THE  ELIGIBLE BUILDING, THE CERTIFYING
 ENGINEER, ARCHITECT OR OTHER PROFESSIONAL, AND SUCH OTHER INFORMATION AS
 MAY BE PRESCRIBED BY A DESIGNATED AGENCY.
   (F) IF DEEMED APPLICABLE, AN AGREEMENT TO PERMIT A  DESIGNATED  AGENCY
 OR  ITS  DESIGNEE  TO  INSPECT  THE  FACILITY-INTEGRATED CARBON-TO-VALUE
 EQUIPMENT AND ANY  RELATED  STRUCTURES  AND  EQUIPMENT  UPON  REASONABLE
 NOTICE.
   (G)  ANY  OTHER INFORMATION OR CERTIFICATIONS REQUIRED BY A DESIGNATED
 AGENCY PURSUANT TO THIS TITLE AND THE RULES PROMULGATED HEREUNDER.
   § 498-C. TAX ABATEMENT  CONTINUING  REQUIREMENTS.  THE  TAX  ABATEMENT
 SHALL BE CONDITIONED UPON:
   1.  CONTINUING COMPLIANCE DURING THE COMPLIANCE PERIOD WITH ALL APPLI-
 CABLE  PROVISIONS  OF  LAW,  INCLUDING  WITHOUT  LIMITATION  THE   LOCAL
 CONSTRUCTION   AND   FIRE  CODES,  MAINTAINING  THE  FACILITY-INTEGRATED
 CARBON-TO-VALUE EQUIPMENT IN SUCH A MANNER THAT IT CONTINUOUSLY  CONSTI-
 TUTES A FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT WITHIN THE MEANING
 OF  THIS  TITLE  AND  THE  RULES PROMULGATED HEREUNDER, AND PERMITTING A
 DESIGNATED AGENCY OR ITS DESIGNEE  TO  INSPECT  THE  FACILITY-INTEGRATED
 CARBON-TO-VALUE  EQUIPMENT AND ANY RELATED STRUCTURES AND EQUIPMENT UPON
 REASONABLE NOTICE; AND
   2. PROPERTY TAXES, WATER AND SEWER CHARGES, PAYMENTS IN LIEU OF  TAXES
 OR  OTHER  MUNICIPAL  CHARGES  WITH  RESPECT TO AN ELIGIBLE BUILDING NOT
 HAVING BEEN DUE AND OWING DURING THE COMPLIANCE PERIOD FOR A  PERIOD  OF
 SIX MONTHS OR MORE.
   § 498-D. TAX ABATEMENT REVOCATION RULES. 1. THE DEPARTMENT OF TAXATION
 AND FINANCE SHALL REVOKE, IN WHOLE OR IN PART, ANY TAX ABATEMENT GRANTED
 PURSUANT  TO  THIS TITLE WHENEVER A DESIGNATED AGENCY HAS DETERMINED AND
 NOTIFIED THE DEPARTMENT OF TAXATION AND FINANCE THAT:
   (A) AN APPLICANT HAS FAILED TO COMPLY WITH A REQUIREMENT OF THIS TITLE
 OR ANY RULE PROMULGATED HEREUNDER AT  ANY  TIME  DURING  THE  COMPLIANCE
 PERIOD INCLUDING, BUT NOT LIMITED TO, ANY OF THE CONTINUING REQUIREMENTS
 SET  FORTH  IN  SUBDIVISION ONE OF SECTION FOUR HUNDRED NINETY-NINE-C OF
 THIS TITLE;
   (B) AN ELIGIBLE BUILDING HAS NOT BEEN IN COMPLIANCE AT ANY TIME DURING
 THE COMPLIANCE PERIOD WITH A REQUIREMENT  OF  THIS  TITLE  OR  ANY  RULE
 PROMULGATED HEREUNDER;
   (C)  THE FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT FOR WHICH A TAX
 ABATEMENT WAS GRANTED HAS AT  ANY  TIME  DURING  THE  COMPLIANCE  PERIOD
 FAILED TO MEET ANY REQUIREMENT FOR A FACILITY-INTEGRATED CARBON-TO-VALUE
 EQUIPMENT PURSUANT TO THIS TITLE OR ANY RULE PROMULGATED HEREUNDER;
 S. 5450                             5
 
   (D) FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT HAS BECOME A FIRE OR
 SAFETY HAZARD AT ANY TIME DURING THE COMPLIANCE PERIOD; OR
   (E)  AN APPLICATION, CERTIFICATION, REPORT OR OTHER DOCUMENT SUBMITTED
 BY THE APPLICANT CONTAINS A FALSE OR MISLEADING STATEMENT AS TO A  MATE-
 RIAL FACT OR OMITS TO STATE ANY MATERIAL FACT NECESSARY IN ORDER TO MAKE
 THE STATEMENT THEREIN NOT FALSE OR MISLEADING.
   2.  THE  DEPARTMENT OF TAXATION AND FINANCE MAY REVOKE, IN WHOLE OR IN
 PART, ANY TAX ABATEMENT GRANTED PURSUANT TO THIS TITLE WHENEVER  IT  HAS
 DETERMINED  THAT  AN  APPLICANT HAS FAILED TO COMPLY WITH THE CONTINUING
 REQUIREMENTS SET FORTH IN SECTION FOUR  HUNDRED  NINETY-NINE-C  OF  THIS
 TITLE.
   3.  WHERE  IT HAS BEEN DETERMINED BY A DESIGNATED AGENCY, AFTER NOTICE
 AND AN OPPORTUNITY TO BE HEARD, THAT ANY OF THE PROVISIONS  OF  SUBDIVI-
 SION  ONE  OF  THIS SECTION HAVE NOT BEEN COMPLIED WITH, SUCH DESIGNATED
 AGENCY SHALL NOTIFY THE DEPARTMENT OF TAXATION AND FINANCE NO LATER THAN
 THE NINETIETH DAY AFTER THE LAST DAY OF THE COMPLIANCE PERIOD.
   4. AN APPLICANT SHALL PAY, WITH INTEREST, SUCH PART OF ANY TAX  ABATE-
 MENT  RECEIVED PURSUANT TO THIS TITLE THAT REPRESENTS THE PERIOD OF NON-
 COMPLIANCE AS DETERMINED BY THE DESIGNATED AGENCY OR THE  DEPARTMENT  OF
 TAXATION  AND  FINANCE. IN ADDITION, A DESIGNATED AGENCY MAY DECLARE ANY
 APPLICANT INELIGIBLE FOR FUTURE TAX ABATEMENT PURSUANT TO THIS TITLE  IF
 ANY  APPLICATION,  CERTIFICATION,  REPORT OR OTHER DOCUMENT SUBMITTED BY
 THE APPLICANT CONTAINS A FALSE OR MISLEADING STATEMENT AS TO A  MATERIAL
 FACT  OR OMITS TO STATE ANY MATERIAL FACT NECESSARY IN ORDER TO MAKE THE
 STATEMENT THEREIN NOT FALSE OR MISLEADING.
   § 498-E. TAX ABATEMENT ENFORCEMENT AND ADMINISTRATION. 1.  THE DEPART-
 MENT OF TAXATION AND FINANCE SHALL HAVE, IN ADDITION TO ANY OTHER  FUNC-
 TIONS,  POWERS  AND  DUTIES  THAT HAVE BEEN OR MAY BE CONFERRED ON IT BY
 LAW, THE FOLLOWING FUNCTIONS, POWERS  AND  DUTIES  TO  BE  EXERCISED  IN
 ACCORDANCE WITH THIS TITLE:
   (A) TO APPLY A TAX ABATEMENT;
   (B) TO REVOKE ALL OR PART OF ANY SUCH TAX ABATEMENT;
   (C)  TO  MAKE  AND  PROMULGATE RULES TO CARRY OUT THE PURPOSES OF THIS
 TITLE; AND
   (D) ANY OTHER FUNCTION, POWER OR  DUTY  NECESSARILY  IMPLIED  BY  THIS
 TITLE.
   2. A DESIGNATED AGENCY SHALL HAVE, IN ADDITION TO ANY OTHER FUNCTIONS,
 POWERS  AND  DUTIES THAT HAVE BEEN OR MAY BE CONFERRED ON IT BY LAW, THE
 FOLLOWING FUNCTIONS, POWERS AND DUTIES TO  BE  EXERCISED  IN  ACCORDANCE
 WITH THIS TITLE:
   (A)  TO  RECEIVE, REVIEW, APPROVE AND DENY APPLICATIONS FOR TAX ABATE-
 MENT;
   (B) TO INSPECT FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT  AND  ANY
 RELATED STRUCTURES AND EQUIPMENT;
   (C)  TO  ESTABLISH  PERMIT  OR CERTIFICATION REQUIREMENTS TO DETERMINE
 WHEN THE FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT HAS  BEEN  PLACED
 IN  SERVICE,  SUCH  AS  CERTIFICATION BY AN ARCHITECT, ENGINEER OR OTHER
 CERTIFIED OR LICENSED PROFESSIONAL WHOM A DESIGNATED  AGENCY  DESIGNATES
 BY RULE;
   (D) TO ESTABLISH GUIDANCE AND PROCEDURES FOR DETERMINING OR CERTIFYING
 ELIGIBLE FACILITY-INTEGRATED CARBON-TO-VALUE EQUIPMENT EXPENDITURES;
   (E)  TO PRESCRIBE FORMS AND MAKE AND PROMULGATE RULES TO CARRY OUT THE
 PURPOSES OF THIS TITLE;
   (F) TO MAKE THE DETERMINATIONS PROVIDED FOR IN THIS TITLE AND TO NOTI-
 FY THE DEPARTMENT OF TAXATION AND FINANCE OF SUCH DETERMINATIONS; AND
 S. 5450                             6
 
   (G) ANY OTHER FUNCTION, POWER OR  DUTY  NECESSARILY  IMPLIED  BY  THIS
 TITLE.
   3.  IF A DESIGNATED AGENCY DETERMINES THAT AN ARCHITECT OR ENGINEER OR
 OTHER CERTIFIED OR LICENSED PROFESSIONAL WHOM A DESIGNATED AGENCY DESIG-
 NATES BY RULE, IN MAKING ANY CERTIFICATION UNDER THIS TITLE OR ANY  RULE
 PROMULGATED  HEREUNDER,  ENGAGED  IN  PROFESSIONAL MISCONDUCT, THEN SUCH
 AGENCY SHALL SO INFORM THE EDUCATION  DEPARTMENT  OR  OTHER  APPROPRIATE
 CERTIFYING OR LICENSING AUTHORITY.
   4.  A  DESIGNATED  AGENCY  MAY  PROVIDE  FOR REASONABLE ADMINISTRATIVE
 CHARGES OR FEES NECESSARY TO DEFRAY EXPENSES OF  ADMINISTERING  THE  TAX
 ABATEMENT PROGRAM ESTABLISHED BY THIS TITLE.
   5.  A  DESIGNATED  AGENCY  AND  THE DEPARTMENT OF TAXATION AND FINANCE
 SHALL ESTABLISH PROCEDURES THAT ARE NECESSARY OR  APPROPRIATE  FOR:  (A)
 THE  TIMELY  NOTIFICATION TO THE DEPARTMENT OF TAXATION AND FINANCE BY A
 DESIGNATED AGENCY OF AN APPROVAL OF AN APPLICATION FOR TAX ABATEMENT  OR
 OF  ANY  NONCOMPLIANCE PURSUANT TO SECTION FOUR HUNDRED NINETY-NINE-D OF
 THIS TITLE; AND (B) ANY OTHER INTERAGENCY COORDINATION TO FACILITATE THE
 PURPOSES OF THIS TITLE.
   § 498-F. TAX LIEN  AND  INTEREST  RULES.  ALL  TAXES,  WITH  INTEREST,
 REQUIRED  TO  BE PAID RETROACTIVELY PURSUANT TO THIS TITLE SHALL CONSTI-
 TUTE A TAX LIEN AS OF THE DATE IT IS DETERMINED SUCH TAXES AND  INTEREST
 ARE OWED. ALL INTEREST SHALL BE CALCULATED FROM THE DATE THE TAXES WOULD
 HAVE  BEEN  DUE BUT FOR THE TAX ABATEMENT GRANTED PURSUANT TO THIS TITLE
 AT THE APPLICABLE RATE OR RATES OF INTEREST IMPOSED GENERALLY  FOR  NON-
 PAYMENT  OF  REAL PROPERTY TAX WITH RESPECT TO THE ELIGIBLE BUILDING FOR
 THE PERIOD IN QUESTION.
   § 2. This act shall take effect immediately.