Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Impact
The implementation of this bill would significantly affect state laws regarding property taxes by allowing qualifying buildings to receive direct payments for tax credits rather than reducing their tax assessments. This change is anticipated to stimulate greater interest in solar and energy storage projects, potentially leading to increased investments in renewable energy infrastructure across New York. The bill also reflects a broader commitment to sustainable energy practices within legislative frameworks, thereby supporting the state's climate goals.
Summary
Bill A05959 aims to amend the real property tax law to provide direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems situated in eligible buildings. This legislation specifically targets buildings owned by 501(c)(3) entities, such as non-profit organizations, and income-restricted affordable housing properties. By introducing direct-pay credits, the bill seeks to incentivize the adoption of renewable energy technologies while alleviating financial burdens for eligible entities through reduced tax liabilities.
Contention
Notable points of contention around Bill A05959 include discussions regarding its financial impact on local governments and the sustainability of tax abatement programs. Critics argue that such tax incentives might lead to reduced revenue for municipalities that rely on property tax income, thereby challenging their ability to fund local services. Proponents, however, contend that the long-term benefits of investing in renewable energy, including potential job creation and environmental advantages, outweigh these concerns. The debate emphasizes the need to balance economic incentives with local fiscal responsibilities.
Same As
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Provides that for purposes of the solar energy system equipment credit, the definition of "solar energy system equipment" includes a portable solar generation device defined as a photovoltaic system and associated equipment that is designed to be connected to a residential building's electrical system through a standard electrical outlet.
Establishes the green affordable pre-electrification program to assist owners and tenants in residential properties in curing structural and building code defects which render the properties ineligible for improvements or projects relating to energy savings, green-house gas emissions reductions, climate change adaptation and resiliency project grants.