Provides a tax abatement for geothermal well systems in cities of one million or more.

New York A05931 amends the real property tax law to provide a tax abatement for geothermal well systems in cities of one million or more. The abatement applies to eligible geothermal well system expenditures, defined as reasonable costs for materials, labor, architectural services, and designs related to the installation of a geothermal well system. The abatement is the lesser of ten percent of eligible expenditures or the amount of taxes payable in a given tax year. The bill also includes provisions for applications, certifications, and inspections related to the tax abatement.

Provides a tax abatement for geothermal well systems in cities of one million or more.

New York A05931 amends the real property tax law to provide a tax abatement for geothermal well systems in cities of one million or more. The abatement applies to eligible geothermal well system expenditures, defined as reasonable costs for materials, labor, architectural services, and designs related to the installation of a geothermal well system. The abatement is the lesser of ten percent of eligible expenditures or the amount of taxes payable in a given tax year. The bill also includes provisions for applications, certifications, and inspections related to the tax abatement.