New York S02475 exempts energy-related public utility real property from taxation to support state climate goals.
New York S02475 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. Any net decrease in a utility company's real property tax expense resulting from this exemption will benefit the company's ratepayers.
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