Exempts certain utilities from special franchise assessments in New York City and requires tax reductions to be passed through to ratepayers.

This bill amends the real property tax law to exempt certain utilities from special franchise assessments in New York City. It also amends the public service law to require that any reduction in special franchise taxes imposed on ConEd and National Grid be passed through to rates charged to their ratepayers. This ensures that the full economic benefit of such reductions accrues to their ratepayers.

Exempts certain utilities from special franchise assessments in New York City and requires tax reductions to be passed through to ratepayers.

This bill amends the real property tax law to exempt certain utilities from special franchise assessments in New York City. It also amends the public service law to require that any reduction in special franchise taxes imposed on ConEd and National Grid be passed through to rates charged to their ratepayers. This ensures that the full economic benefit of such reductions accrues to their ratepayers.