Assembly Bill A5050

2023-2024 Legislative Session

Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions

download bill text pdf

Sponsored By

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-A5050 (ACTIVE) - Details

See Senate Version of this Bill:
S943
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add §488-b, RPT L

2023-A5050 (ACTIVE) - Summary

Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions; establishes an energy efficiency improvement board to approve the abatements and exemptions.

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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