Exempts energy-related public utility real property from taxation to aid in meeting state climate goals.

The bill establishes an exemption from taxation for energy-related public utility real property designed to meet state climate goals. This exemption applies to real property owned by utility corporations and used in the storage, transmission, and distribution of electricity or steam. The exemption remains in effect until the property is retired or removed from service. The Department of Public Service, in consultation with the Department of Taxation and Finance, will develop definitions and guidelines for eligibility.

Exempts energy-related public utility real property from taxation to aid in meeting state climate goals.

The bill establishes an exemption from taxation for energy-related public utility real property designed to meet state climate goals. This exemption applies to real property owned by utility corporations and used in the storage, transmission, and distribution of electricity or steam. The exemption remains in effect until the property is retired or removed from service. The Department of Public Service, in consultation with the Department of Taxation and Finance, will develop definitions and guidelines for eligibility.