New York S 2475: Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals

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 Speaker Carl E. Heastie

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S02475 Summary:

BILL NOS02475A

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SAME ASSAME AS A00042-A

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §28, Pub Serv L; add §487-b, RPT L

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Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals; provides that such exemption shall remain in effect until it is retired or removed from service.

Go to top S02475 Actions:

BILL NOS02475A

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01/21/2025REFERRED TO ENERGY AND TELECOMMUNICATIONS

05/13/2025REPORTED AND COMMITTED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO ENERGY AND TELECOMMUNICATIONS

02/24/2026REPORTED AND COMMITTED TO LOCAL GOVERNMENT

05/20/2026AMEND AND RECOMMIT TO LOCAL GOVERNMENT

05/20/2026PRINT NUMBER 2475A

Go to topS02475 Committee&nbspVotes:

Go to topS02475 Floor&nbspVotes:

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

Go to topS02475 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2475--A

 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 Energy and Telecommuni-
 cations -- recommitted to the Committee on Energy and Telecommuni-
 cations in accordance with Senate Rule 6, sec. 8 -- reported favorably
 from said committee and committed to the Committee on Local Government
 -- committee discharged, bill amended, ordered reprinted as amended
 and recommitted to said committee

 AN ACT to amend the public service law and the real property tax law, in
 relation to establishing an exemption from taxation for energy-related
 public utility real property related to attaining state climate goals

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

 1 Section 1. The public service law is amended by adding a new section
 2 28 to read as follows:
 3 § 28. Utility tax exemption for energy-related public utility real
 4 property related to attaining state climate goals. 1. The department is
 5 authorized and directed to consult with the commissioner of taxation and
 6 finance in developing definitions and guidelines for the eligibility for
 7 exemption of energy-related public utility real property as described in
 8 subdivisions two and three of section four hundred eighty-seven-b of the
 9 real property tax law. No energy-related public utility real property
 10 shall be entitled to any exemption from taxation under section four
 11 hundred eighty-seven-b of the real property tax law unless such project
 12 meets the guidelines set by the commissioner of taxation and finance in
 13 consultation with the department.
 14 2. The department shall ensure that any net decrease in a utility
 15 company's real property tax expense resulting from the provisions of
 16 section four hundred eighty-seven-b of the real property tax law shall
 17 inure to the benefit of the ratepayers of such company.
 18 § 2. The real property tax law is amended by adding a new section
 19 487-b to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00111-02-6

 S. 2475--A 2

 1 § 487-b. Exemption from taxation for energy-related public utility
 2 real property related to attaining state climate goals. 1. As used in
 3 this section:
 4 (a) "Energy-related public utility real property" means real property
 5 that is owned by a utility corporation and used in the storage, trans-
 6 mission and distribution of electricity, or steam including conduits,
 7 cables, lines, wires, poles, mains, pipes, substations, tanks, supports
 8 and enclosures for electrical conductors located on, above and below
 9 real property.
 10 (b) "Department" means the department of public service.
 11 (c) "Utility corporation" shall have the same meaning as defined in
 12 section two of the public service law.
 13 (d) "State climate goals" shall mean the climate justice and emission
 14 reduction goals in article seventy-five of the environmental conserva-
 15 tion law and the renewable energy goals in section sixty-six-p of the
 16 public service law.
 17 2. Energy-related public utility real property, the primary purpose of
 18 which is to aid in meeting state c