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Senate Bill S2470

2025-2026 Legislative Session

Provides for a tax abatement for electric energy storage equipment

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Current Bill Status - In Assembly Committee

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2025-S2470 (ACTIVE) - Details

See Assembly Version of this Bill:
A6198
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §499-bbbb, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7595
2021-2022: S3229, A7343
2023-2024: S7342, A639

2025-S2470 (ACTIVE) - Summary

Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2027 and before January 1, 2029.

2025-S2470 (ACTIVE) - Sponsor Memo

2025-S2470 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2470
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 21, 2025
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 (f) of subdivision 1 of section 499-bbbb  of  the
 real  property  tax law, as added by chapter 485 of the laws of 2023, is
 amended and a new paragraph (g) is added to read as follows:
   (f) if the solar electric generating  system  and/or  electric  energy
 storage system is placed in service on or after January first, two thou-
 sand  twenty-four,  and  before January first, two thousand thirty-five,
 for each year of the compliance period such tax abatement shall  be  the
 lesser  of  (i)  seven  and  one-half percent of eligible solar electric
 generating system and/or energy storage system  expenditures,  (ii)  the
 amount  of  taxes  payable in such tax year, or (iii) sixty-two thousand
 five hundred dollars[.]; OR
   (G) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN  SERVICE  ON  OR
 AFTER  JANUARY  FIRST,  TWO  THOUSAND  TWENTY-SEVEN,  AND BEFORE JANUARY
 FIRST, TWO THOUSAND TWENTY-NINE, FOR EACH YEAR OF THE COMPLIANCE  PERIOD
 SUCH  TAX  ABATEMENT  SHALL BE THE LESSER OF (I) TEN PERCENT OF ELIGIBLE
 ELECTRIC 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.
                                                            LBD06565-01-5

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