New York A 5931: Relates to providing a tax abatement for geothermal well systems in N.Y. city

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A05931 Summary:

BILL NOA05931 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCarroll R (MS)

&nbsp

COSPNSRDinowitz, Colton, Epstein, Simon, Hyndman

&nbsp

MLTSPNSRDavila

&nbsp

Amd Art 4 Title 4-C Title Head, §§499-aaaa - 499-ffff, RPT L

&nbsp

Provides a tax abatement for geothermal well systems in cities of one million or more.

Go to top A05931 Actions:

BILL NOA05931 

&nbsp

02/25/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA05931 Committee&nbspVotes:

Go to topA05931 Floor&nbspVotes:

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

Go to topA05931 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5931

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 25, 2025
 ___________

 Introduced by M. of A. R. CARROLL, DINOWITZ, COLTON, EPSTEIN, SIMON,
 HYNDMAN -- Multi-Sponsored by -- M. of A. DAVILA -- read once and
 referred to the Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to providing a
 tax abatement for geothermal well systems in cities of one million or
 more

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

 1 Section 1. The title heading of title 4-C of article 4 of the real
 2 property tax law, as amended by chapter 412 of the laws of 2018, is
 3 amended to read as follows:
 4 SOLAR ELECTRIC GENERATING SYSTEM, GEOTHERMAL
 5 WELL SYSTEM AND ELECTRIC ENERGY STORAGE EQUIPMENT
 6 TAX ABATEMENT FOR CERTAIN PROPERTIES IN A CITY OF ONE MILLION OR MORE
 7 PERSONS
 8 § 2. Subdivisions 2 and 8 of section 499-aaaa of the real property tax
 9 law, as amended by chapter 485 of the laws of 2023, are amended and a
 10 new subdivision 12 is added to read as follows:
 11 2. "Application for tax abatement" shall mean an application for a
 12 solar electric generating system, geothermal well system, and/or elec-
 13 tric energy storage equipment tax abatement pursuant to section four
 14 hundred ninety-nine-cccc of this title.
 15 8. "Eligible solar electric generating system expenditures", "eligible
 16 geothermal well system expenditures" and "eligible electric energy stor-
 17 age equipment expenditures" shall mean reasonable expenditures for mate-
 18 rials, labor costs properly allocable to on-site preparation, assembly
 19 and original installation, architectural and engineering services, and
 20 designs and plans directly related to the construction or installation
 21 of a solar electric generating system, geothermal well system and/or
 22 electric energy storage equipment installed in connection with an eligi-
 23 ble building. Solar parking canopy structures shall be considered a

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07643-01-5

 A. 5931 2

 1 solar electric generating system for the purposes of this subdivision.
 2 Such eligible expenditures shall not include interest or other finance
 3 charges, or any expenditures incurred using a federal, state or local
 4 grant.
 5 12. "Geothermal well system" means a system which uses the earth's
 6 natural temperature under the ground to heat and/or cool a building.
 7 § 3. Paragraph (f) of subdivision 1 of section 499-bbbb of the real
 8 property tax law, as amended by chapter 485 of the laws of 2023, is
 9 amended and a new paragraph (g) is added to read as follows:
 10 (f) if the solar electric generating system and/or electric energy
 11 storage system is placed in service on or after January first, two thou-
 12 sand twenty-four, and before January first, two thousand thirty-five,
 13 for each year of the compliance period such tax abatement shall be the
 14 lesser of (i) seven and one-half percent of eligible solar electric
 15 generating system and/or energy storage system expenditures, (ii) the
 16 amount of taxes payable in such tax year, or (iii) sixty-two thousand
 17 five hundred dollars[.]; or
 18 (g) if a geothermal well system is placed in service on or after Janu-
 19 ary first, two thousand twenty-seven, and before January first, two
 20 thousand twenty-nine, for each year of the compliance period such tax
 21 abatement shall be the lesser of (i) ten percent of eligible geothermal
 22 well system expenditures,