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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:
1 Section 1. Paragraph (f) of subdivision 1 of section 499-bbbb of the
2 real property tax law, as added by chapter 485 of the laws of 2023, is
3 amended and a new paragraph (g) is added to read as follows:
4 (f) if the solar electric generating system and/or electric energy
5 storage system is placed in service on or after January first, two thou-
6 sand twenty-four, and before January first, two thousand thirty-five,
7 for each year of the compliance period such tax abatement shall be the
8 lesser of (i) seven and one-half percent of eligible solar electric
9 generating system and/or energy storage system expenditures, (ii) the
10 amount of taxes payable in such tax year, or (iii) sixty-two thousand
11 five hundred dollars[.]; OR
12 (G) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN SERVICE ON OR
13 AFTER JANUARY FIRST, TWO THOUSAND TWENTY-SEVEN, AND BEFORE JANUARY
14 FIRST, TWO THOUSAND TWENTY-NINE, FOR EACH YEAR OF THE COMPLIANCE PERIOD
15 SUCH TAX ABATEMENT SHALL BE THE LESSER OF (I) TEN PERCENT OF ELIGIBLE
16 ELECTRIC ENERGY STORAGE EQUIPMENT EXPENDITURES, (II) THE AMOUNT OF TAXES
17 PAYABLE IN SUCH TAX YEAR, OR (III) SIXTY-TWO THOUSAND FIVE HUNDRED
18 DOLLARS.
19 § 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