New York A 3061: Relates to the minimum wage for service workers receiving tips

Bill Text

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A03061 Summary:

BILL NOA03061 

&nbsp

SAME ASNo Same As

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SPONSORCarroll R (MS)

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COSPNSRDinowitz, Colton, Epstein, Hyndman, Stirpe, Simon, Otis

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MLTSPNSRDavila

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Add §487-b, RPT L

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Creates a tax abatement for geothermal well systems up to $62,500 for two years.

Go to top A03061 Actions:

BILL NOA03061 

&nbsp

01/23/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA03061 Committee&nbspVotes:

Go to topA03061 Floor&nbspVotes:

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

Go to topA03061 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3061

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 23, 2025
 ___________

 Introduced by M. of A. R. CARROLL, DINOWITZ, COLTON, EPSTEIN, HYNDMAN,
 STIRPE, SIMON, OTIS -- 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 creating a tax
 abatement for geothermal wells

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

 1 Section 1. The real property tax law is amended by adding a new
 2 section 487-b to read as follows:
 3 § 487-b. Tax abatement for geothermal wells. 1. Definitions. When used
 4 in this section, the following terms shall have the following meanings:
 5 (a) "Architect" shall mean a person licensed and registered to prac-
 6 tice the profession of architecture under the education law.
 7 (b) "Compliance period" shall mean the tax year in which a tax abate-
 8 ment commences and the three tax years immediately thereafter.
 9 (c) "Eligible geothermal well system expenditures" shall mean reason-
 10 able expenditures for materials, labor costs properly allocable to
 11 on-site preparation, assembly and original installation, architectural
 12 and engineering services, and designs and plans directly related to the
 13 construction or installation of a geothermal well system installed in a
 14 building. Such eligible expenditures shall not include interest or other
 15 finance charges, or any expenditures incurred using a federal, state or
 16 local grant.
 17 (d) "Engineer" shall mean a person licensed and registered to practice
 18 the profession of engineering under the education law.
 19 (e) "Geothermal well system" shall mean a system which uses the
 20 earth's natural temperature under the ground to heat and/or cool a
 21 building.
 22 2. Real property tax abatement. An eligible building shall receive an
 23 abatement of real property taxes as provided in this section and the
 24 rules promulgated hereunder.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03121-01-5

 A. 3061 2

 1 (a) The amount of such tax abatement shall be if a geothermal well is
 2 placed in service on or after January first, two thousand twenty-seven,
 3 and before January first, two thousand twenty-nine, for each year of the
 4 compliance period such tax abatement shall be the lesser of (i) ten
 5 percent of eligible geothermal well expenditures, (ii) the amount of
 6 taxes payable in such tax year, or (iii) sixty-two thousand five hundred
 7 dollars.
 8 (b) Such tax abatement shall commence on July first following the
 9 approval of an application for tax abatement by the department, and may
 10 not be carried over to any subsequent tax year.
 11 (c) With respect to any building held in the condominium form of
 12 ownership that receives a tax abatement pursuant to this section, such
 13 tax abatement benefits shall be apportioned among all of the condominium
 14 tax lots within such eligible building.
 15 (d) If, as a result of application to the department or a court order
 16 or action by the department, the billable assessed value for any fiscal
 17 year in which the tax abatement is taken is reduced after the assessment
 18 roll becomes final, the department shall recalculate the abatement so
 19 that the abatement granted shall not exceed the annual tax liability as
 20 so reduced. The amount equal to the difference between the abatement
 21 originally granted and the abatement as so recalculated shall be
 22 deducted from any refund otherwise payable