Senator Kaplan Passes Tax Break Legislation Promoting Green Development

(Albany, NY) Today, New York State Senator Anna M. Kaplan (D-Great Neck), along with the Senate Majority, passed legislation (S.2900) known as the Green Development Home Tax Exemption. The legislation authorizes any town, city, or village, except New York City, to grant property tax exemptions on real property located within a green development neighborhood for up to 10 years as long as the home is certified green by the NAHB or LEED.

Bill Sponsor Senator Anna M. Kaplan said, “the impact of climate change on our communities is undeniable, and we are at a turning point where inaction is no longer an option. These tax breaks will help New Yorkers to invest in efficiency upgrades that will make their homes more comfortable, and dramatically reduce their environmental impact."

The bill, S.2900, creates the Green development home tax exemption which would be a real property tax exemption for a period of no longer than ten years as it relates to improvements in assessed value for green development home communities. Qualifying homes shall be 1, 2, or 3 story homes certified NGBS silver level, LEED silver level, or better.