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
If enacted, this bill will reshape the financial incentives available for solar energy deployment within New York. By allowing specific types of buildings, particularly those serving vulnerable communities such as affordable housing, to receive direct-pay credits, the legislation aims to alleviate financial burdens associated with renewable energy installations. This could encourage greater adoption of solar technologies, contributing to the state's broader energy goals.
Summary
Bill S04272 aims to amend the real property tax law to enable a direct-pay tax abatement credit for solar electric generating systems and electric energy storage systems linked to eligible buildings. This includes properties owned by 501(c)(3) organizations and income-restricted affordable housing. The bill’s intent is to support the development and installation of renewable energy technologies, thereby promoting environmental sustainability across the state.
Contention
While the bill is expected to garner support from environmental advocates and housing organizations due to its focus on sustainability and affordable housing, there might be concerns regarding its fiscal implications. Opponents could argue that providing tax abatements may reduce public revenue, impeding funds necessary for other essential services. Additionally, questions about equitable access to these benefits and the criteria for 'eligible buildings' could arise, potentially sparking debates around fairness and resource allocation.
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.