Senate Bill S7342A

2023-2024 Legislative Session

Provides for a tax abatement for electric energy storage equipment

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

co-Sponsors

2023-S7342 - Details

See Assembly Version of this Bill:
A639
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §499-bbbb, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7595
2021-2022: S3229, A7343

2023-S7342 - Summary

Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2026 and before January 1, 2028.

2023-S7342 - Sponsor Memo

2023-S7342 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7342
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2023
                                ___________
 
 Introduced  by  Sens. PARKER, JACKSON -- read twice and ordered printed,
   and when printed to be committed to the Committee on Cities 1
 
 AN ACT to amend the real property tax law, in relation  to  providing  a
   tax abatement for electric energy storage equipment
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (e) of subdivision 1 of section 499-bbbb  of  the
 real property tax law, as amended by section 1 of item B of subpart H of
 part  XXX  of chapter 58 of the laws of 2020, is amended and a new para-
 graph (f) is added to read as follows:
   (e) if electric energy storage equipment is placed in  service  on  or
 after  January  first,  two thousand nineteen, and before January first,
 two thousand twenty-four, for each year of the  compliance  period  such
 tax  abatement  shall be the lesser of (i) ten percent of eligible elec-
 tric energy storage equipment expenditures, (ii)  the  amount  of  taxes
 payable  in  such  tax  year,  or  (iii) sixty-two thousand five hundred
 dollars[.]; OR
   (F) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN  SERVICE  ON  OR
 AFTER  JANUARY FIRST, TWO THOUSAND TWENTY-SIX, AND BEFORE JANUARY FIRST,
 TWO THOUSAND TWENTY-EIGHT, FOR EACH YEAR OF THE COMPLIANCE  PERIOD  SUCH
 TAX  ABATEMENT  SHALL BE THE LESSER OF (I) TEN PERCENT OF ELIGIBLE ELEC-
 TRIC ENERGY STORAGE EQUIPMENT EXPENDITURES, (II)  THE  AMOUNT  OF  TAXES
 PAYABLE  IN  SUCH  TAX  YEAR,  OR  (III) SIXTY-TWO THOUSAND FIVE HUNDRED
 DOLLARS.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00553-01-3

co-Sponsors

2023-S7342A (ACTIVE) - Details

See Assembly Version of this Bill:
A639
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §499-bbbb, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7595
2021-2022: S3229, A7343

2023-S7342A (ACTIVE) - Summary

Provides for a tax abatement for electric energy storage equipment placed in service after January 1, 2026 and before January 1, 2028.

2023-S7342A (ACTIVE) - Sponsor Memo

2023-S7342A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7342--A
     Cal. No. 307
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2023
                                ___________
 
 Introduced  by  Sens. PARKER, JACKSON -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Cities  1  --
   recommitted  to  the  Committee  on Cities 1 in accordance with Senate
   Rule 6, sec. 8 -- reported favorably from said committee,  ordered  to
   first  report, amended on first report, ordered to a second report and
   ordered reprinted, retaining its place in the order of second report
 
 AN ACT to amend the real property tax law, in relation  to  providing  a
   tax abatement for electric energy storage equipment
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (f) of subdivision 1 of section 499-bbbb  of  the
 real  property  tax law, as added by chapter 485 of the laws of 2023, is
 amended and a new paragraph (g) is added to read as follows:
   (f) if the solar electric generating  system  and/or  electric  energy
 storage system is placed in service on or after January first, two thou-
 sand  twenty-four,  and  before January first, two thousand thirty-five,
 for each year of the compliance period such tax abatement shall  be  the
 lesser  of  (i)  seven  and  one-half percent of eligible solar electric
 generating system and/or energy storage system  expenditures,  (ii)  the
 amount  of  taxes  payable in such tax year, or (iii) sixty-two thousand
 five hundred dollars[.]; OR
   (G) IF ELECTRIC ENERGY STORAGE EQUIPMENT IS PLACED IN  SERVICE  ON  OR
 AFTER  JANUARY FIRST, TWO THOUSAND TWENTY-SIX, AND BEFORE JANUARY FIRST,
 TWO THOUSAND TWENTY-EIGHT, FOR EACH YEAR OF THE COMPLIANCE  PERIOD  SUCH
 TAX  ABATEMENT  SHALL BE THE LESSER OF (I) TEN PERCENT OF ELIGIBLE ELEC-
 TRIC ENERGY STORAGE EQUIPMENT EXPENDITURES, (II)  THE  AMOUNT  OF  TAXES
 PAYABLE  IN  SUCH  TAX  YEAR,  OR  (III) SIXTY-TWO THOUSAND FIVE HUNDRED
 DOLLARS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00553-02-4

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.