New York A03061 creates a tax abatement for geothermal well systems up to $62,500 for two years.

New York A03061 amends the real property tax law to create a tax abatement for geothermal well systems. The abatement applies to eligible buildings with geothermal well systems placed in service between January 1, 2027, and January 1, 2029. The abatement amount is the lesser of 10% of eligible geothermal well expenditures, the amount of taxes payable in the tax year, or $62,500. The abatement commences on July 1 following approval by the department and cannot be carried over to subsequent tax years. The abatement is apportioned among condominium tax lots within eligible buildings.

New York A03061 creates a tax abatement for geothermal well systems up to $62,500 for two years.

New York A03061 amends the real property tax law to create a tax abatement for geothermal well systems. The abatement applies to eligible buildings with geothermal well systems placed in service between January 1, 2027, and January 1, 2029. The abatement amount is the lesser of 10% of eligible geothermal well expenditures, the amount of taxes payable in the tax year, or $62,500. The abatement commences on July 1 following approval by the department and cannot be carried over to subsequent tax years. The abatement is apportioned among condominium tax lots within eligible buildings.