New York S 6595: Provides a tax abatement for facilty-integrated carbon-to-value equipment

Bill Text

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S06595 Summary:

BILL NOS06595 

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SAME ASSAME AS A06221

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SPONSORJACKSON

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COSPNSRCLEARE, COMRIE, HOYLMAN-SIGAL, SALAZAR, SEPULVEDA

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MLTSPNSR

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Add Art 4 Title 3-A §§498 - 498-f, RPT L

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Provides a tax abatement for facility-integrated carbon-to-value equipment in a city with a population of one million or more.

Go to top S06595 Actions:

BILL NOS06595 

&nbsp

03/18/2025REFERRED TO CITIES 1

05/06/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO CITIES 1

Go to topS06595 Committee&nbspVotes:

Go to topS06595 Floor&nbspVotes:

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

Go to topS06595 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6595

 2025-2026 Regular Sessions

 IN SENATE

 March 18, 2025
 ___________

 Introduced by Sens. JACKSON, CLEARE, COMRIE, HOYLMAN-SIGAL, SALAZAR,
 SEPULVEDA -- 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 facility-integrated carbon-to-value equipment

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

 1 Section 1. Article 4 of the real property tax law is amended by adding
 2 a new title 3-A to read as follows:
 3 TITLE 3-A
 4 CARBON-TO-VALUE TAX ABATEMENT FOR CERTAIN PROPERTIES IN A CITY OF
 5 ONE MILLION OR MORE PERSONS
 6 Section 498. Definitions.
 7 498-a. Tax abatement terms and amounts.
 8 498-b. Tax abatement application guidelines and rules.
 9 498-c. Tax abatement continuing requirements.
 10 498-d. Tax abatement revocation rules.
 11 498-e. Tax abatement enforcement and administration.
 12 498-f. Tax lien and interest rules.
 13 § 498. Definitions. When used in this title:
 14 1. "Anthropogenic carbon dioxide emissions" shall refer to the release
 15 of heat-trapping carbon dioxide pollution into the atmosphere as a
 16 result of human activities.
 17 2. "Application for tax abatement" shall mean an application for a
 18 facility-integrated carbon-to-value equipment tax abatement pursuant to
 19 section four hundred ninety-eight-b of this title.
 20 3. "Carbon dioxide beneficial use" shall refer to a practice that
 21 involves the utilization of carbon dioxide in a process to manufacture a
 22 product or operate equipment that: (a) results in a net reduction in
 23 operational and/or embodied carbon dioxide at a facility or property;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08574-01-5

 S. 6595 2

 1 and (b) is verified by a life cycle assessment in compliance with Inter-
 2 national Standard ISO 14040.
 3 4. "Carbon dioxide capture" shall refer to the process of capturing
 4 carbon dioxide at emissions point sources located at facilities and
 5 buildings.
 6 5. "Carbon dioxide removal" shall refer to the process of removing
 7 carbon dioxide from the atmosphere.
 8 6. "Carbon dioxide storage" shall refer to the process of chemically
 9 and/or physically sequestering carbon dioxide emissions from post-indus-
 10 trial or atmospheric sources in materials, products or geological forma-
 11 tions for periods of time equal to or greater than one hundred years.
 12 7. "Compliance period" shall mean the tax year in which a tax abate-
 13 ment commences and the three tax years immediately thereafter. For
 14 eligible carbon-to-value applications placed in service at eligible
 15 buildings for which annual property tax liability for the eligible
 16 building is less than one hundred thousand dollars, and for which five
 17 percent of the eligible carbon-to-value equipment expenditures exceeds
 18 one hundred thousand dollars, the compliance period shall be extended to
 19 a maximum of eight tax years to allow eligible building owners to avail
 20 a tax abatement equal to the lesser of twenty percent of eligible
 21 carbon-to-value equipment expenditures, or eight hundred thousand
 22 dollars.
 23 8. "Designated agency" shall mean one or more agencies or departments
 24 of a city having a population of one million or more persons that are
 25 designated by the mayor of such city to exercise the functions, powers
 26 and duties of a designated agen