Assembly Actions -
Senate Actions - UPPERCASE
|May 19, 2023||
referred to cities 1
Senate Bill S7342
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Cities 1 Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S7342 (ACTIVE) - Details
2023-S7342 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7342 SPONSOR: PARKER TITLE OF BILL: An act to amend the real property tax law, in relation to providing a tax abatement for electric energy storage equipment PURPOSE OR GENERAL IDEA OF BILL: To amend the real property tax law to add a tax abatement for electric energy systems storage equipment for certain properties in a city of one million or more persons. This will allow for the expenditures related to running more energy efficient systems to be more affordable in the effort to increase the use of these systems across New York City. SUMMARY OF SPECIFIC PROVISIONS: Section one: 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
2023-S7342 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7342 2023-2024 Regular Sessions I N S E N A T E May 19, 2023 ___________ Introduced by Sens. PARKER, JACKSON -- 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 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-SIX, AND BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT, 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. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00553-01-3
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