New York S06595 provides a tax abatement for facility-integrated carbon-to-value equipment in cities with a population of one million or more.

New York S06595 amends the real property tax law to provide a tax abatement for facility-integrated carbon-to-value equipment in cities with a population of one million or more. The abatement applies to equipment that captures carbon dioxide from boiler systems combusting fossil-based hydrocarbon fuels. Eligible buildings must meet specific conditions, such as having boiler systems placed in service between January 2019 and April 2024. The abatement is the lesser of five percent of eligible equipment expenditures, the amount of taxes payable, or $100,000.

New York S06595 provides a tax abatement for facility-integrated carbon-to-value equipment in cities with a population of one million or more.

New York S06595 amends the real property tax law to provide a tax abatement for facility-integrated carbon-to-value equipment in cities with a population of one million or more. The abatement applies to equipment that captures carbon dioxide from boiler systems combusting fossil-based hydrocarbon fuels. Eligible buildings must meet specific conditions, such as having boiler systems placed in service between January 2019 and April 2024. The abatement is the lesser of five percent of eligible equipment expenditures, the amount of taxes payable, or $100,000.