Senate Bill S7342

2023-2024 Legislative Session

Provides for a tax abatement for electric energy storage equipment

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Cities 1 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-S7342 (ACTIVE) - Details

See Assembly Version of this Bill:
A639
Current Committee:
Senate Cities 1
Law Section:
Real Property Tax Law
Laws Affected:
Amd §499-bbbb, RPT L
Versions Introduced in 2023-2024 Legislative Session:
S7342, A639

2023-S7342 (ACTIVE) - Summary

Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2026 and before January 1, 2028.

2023-S7342 (ACTIVE) - Sponsor Memo

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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