New York A 2047: Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions

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 
A02047 Summary:

BILL NOA02047 

&nbsp

SAME ASSAME AS S04077

&nbsp

SPONSORBraunstein

&nbsp

COSPNSRDinowitz, Colton, Berger, Bichotte Hermelyn, Seawright, Lucas, Simon, Pheffer Amato, Hyndman,
 Eichenstein, Bores, Zaccaro, Septimo, Fall, Cunningham, Vanel, Jackson, Hevesi, Weprin, Cruz, Kim,
 Rajkumar, Levenberg, Benedetto, Simone, Rozic, Tapia, Novakhov, Reyes, Lasher

&nbsp

MLTSPNSR

&nbsp

Add §488-b, RPT L

&nbsp

Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions; establishes an energy efficiency improvement board to approve the abatements and exemptions.

Go to top A02047 Actions:

BILL NOA02047 

&nbsp

01/14/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA02047 Committee&nbspVotes:

Go to topA02047 Floor&nbspVotes:

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

Go to topA02047 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2047

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. BRAUNSTEIN, DINOWITZ, COLTON, BERGER,
 BICHOTTE HERMELYN, SEAWRIGHT, LUCAS, SIMON, PHEFFER AMATO, HYNDMAN,
 EICHENSTEIN, BORES, ZACCARO, SEPTIMO, FALL, CUNNINGHAM, VANEL, JACK-
 SON, HEVESI, WEPRIN, CRUZ, KIM, RAJKUMAR, LEVENBERG, BENEDETTO,
 SIMONE, ROZIC, TAPIA, NOVAKHOV, REYES -- read once and referred to the
 Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to establishing
 an abatement and exemption from real property taxes for capital
 improvements to reduce carbon emissions; and to repeal such provisions
 upon the expiration thereof

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

 1 Section 1. Legislative intent. New York's leading climate law, the
 2 climate leadership and community protection act of 2019 (CLCPA),
 3 requires the state to reduce its greenhouse gas emissions to 40 percent
 4 below 1990 levels by 2030, and 85 percent below 1990 levels by 2050,
 5 among other goals. At the same time, New York city's local law number 97
 6 for the year 2019 requires buildings over 25,000 square feet to reduce
 7 their carbon emissions to comply with increasingly stringent emissions
 8 limits. While New York's building stock accounts for more than 25
 9 percent of statewide greenhouse gas emissions and transportation is a
 10 top emitter, in New York city that ratio is reversed, with buildings
 11 accounting for approximately 70 percent of greenhouse gas emissions. As
 12 such, reaching the state and city's climate goals will require signif-
 13 icant investment to decarbonize buildings including through electrifica-
 14 tion, energy efficiency, and the use of new technologies and energy
 15 sources. The use of this targeted abatement, which would be available to
 16 support all property owners that are meaningfully engaged in reducing
 17 carbon emissions will ensure the success of the CLCPA and local law 97.
 18 This legislation will benefit all New Yorkers by ensuring that our
 19 buildings can play a vital role in decarbonization.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00341-01-5

 A. 2047 2

 1 § 2. The real property tax law is amended by adding a new section
 2 488-b to read as follows:
 3 § 488-b. Abatement and exemption from real property taxes for capital
 4 improvements to reduce carbon emissions. 1. For the purposes of this
 5 section, the following terms shall have the meanings specified in this
 6 subdivision:
 7 a. "Eligible real property" shall mean a property located within a
 8 city of one million or more that is:
 9 (i) any class B multiple dwelling as defined in the multiple dwelling
 10 law;
 11 (ii) any class A multiple dwelling as defined in the multiple dwelling
 12 law;
 13 Notwithstanding the foregoing, eligible real property shall not
 14 include college and school dormitories, club houses, or residences whose
 15 occupancy is restricted to an institutional use such as housing intended
 16 for use primarily or exclusively by the employees of a single company or
 17 institution. A building is an eligible real property only if it quali-
 1