New York S 4272: Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings

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S04272 Summary:

BILL NOS04272A

&nbsp

SAME ASSAME AS A05959-A

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSRCLEARE, SALAZAR

&nbsp

MLTSPNSR

&nbsp

Amd §§499-bbbb & 499-cccc, RPT L

&nbsp

Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.

Go to top S04272 Actions:

BILL NOS04272A

&nbsp

02/03/2025REFERRED TO CITIES 1

05/20/2025REPORTED AND COMMITTED TO ENERGY AND TELECOMMUNICATIONS

01/07/2026REFERRED TO CITIES 1

05/07/2026AMEND AND RECOMMIT TO CITIES 1

05/07/2026PRINT NUMBER 4272A

05/14/2026REPORTED AND COMMITTED TO ENERGY AND TELECOMMUNICATIONS

Go to topS04272 Committee&nbspVotes:

Go to topS04272 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04272 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4272--A

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
 printed to be committed to the Committee on Cities 1 -- recommitted to
 the Committee on Cities 1 in accordance with Senate Rule 6, sec. 8 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the real property tax law, in relation to providing for
 a direct-pay tax abatement credit for solar electric generating
 systems and electric energy storage systems in connection with eligi-
 ble buildings

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 499-bbbb of the real property tax law is amended by
 2 adding a new subdivision 5 to read as follows:
 3 5. Notwithstanding any limitations or restrictions established within
 4 this section or any local law or resolution, any eligible building that
 5 is owned by a corporation, association, organization or trust described
 6 in section 501(c)(3) of the United States internal revenue code, incor-
 7 porated under article two, four, five, or eleven of the private housing
 8 finance law, or is an income-restricted affordable housing property,
 9 including but not limited to properties with regulatory agreements with
 10 the New York city department of housing preservation and development,
 11 New York city housing development corporation, New York state department
 12 of housing and community renewal, or the United States department of
 13 housing and urban development, shall be eligible for a direct-pay credit
 14 equal to the monetary value of the abatement as calculated in paragraph
 15 (f) of subdivision one of this section, provided, however, for the
 16 purposes of this subdivision, the monetary value of the abatement as
 17 calculated in paragraph (f) of subdivision one of this section shall not
 18 take into consideration the amount of taxes payable in such tax year.
 19 Such direct-pay credit shall be issued to the eligible building owner by

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07664-02-6

 S. 4272--A 2

 1 the department of finance in the form of a check irrespective of the
 2 amount of taxes payable in such tax year.
 3 § 2. The section heading and subdivisions 1, 4, 5 and 6 of section
 4 499-cccc of the real property tax law, the section heading and subdivi-
 5 sions 4, 5 and 6 as added by chapter 473 of the laws of 2008, subdivi-
 6 sion 1 as amended by chapter 485 of the laws of 2023, are amended to
 7 read as follows:
 8 Application for tax abatement or direct-pay credit. 1. To obtain a tax
 9 abatement or direct-pay credit pursuant to this title, an applicant must
 10 file an application for tax abatement, which may be filed on or after
 11 January first, two thousand nine, and on or before January first, two
 12 thousand thirty-six.
 13 4. An application for tax abatement or direct-pay credit shall be in
 14 any format prescribed by a designated agency, including electronic form.
 15 5. An application for tax abatement or direct-pay credit shall be
 16 approved by a designa