New York S 2470: Provides for a tax abatement for electric energy storage equipment

Bill Text

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S02470 Summary:

BILL NOS02470 

&nbsp

SAME ASSAME AS A06198

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §499-bbbb, RPT L

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

Go to top S02470 Actions:

BILL NOS02470 

&nbsp

01/21/2025REFERRED TO CITIES 1

04/08/20251ST REPORT CAL.653

04/09/20252ND REPORT CAL.

04/10/2025ADVANCED TO THIRD READING 

05/28/2025PASSED SENATE

05/28/2025DELIVERED TO ASSEMBLY

05/28/2025referred to real property taxation

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO CITIES 1

02/03/2026REPORTED AND COMMITTED TO FINANCE

05/12/20261ST REPORT CAL.1047

05/13/20262ND REPORT CAL.

05/14/2026ADVANCED TO THIRD READING 

05/18/2026PASSED SENATE

05/18/2026DELIVERED TO ASSEMBLY

05/18/2026referred to real property taxation

Go to topS02470 Committee&nbspVotes:

Go to topS02470 Floor&nbspVotes:

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

Go to topS02470 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2470

 2025-2026 Regular Sessions

 IN SENATE

 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

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