STATE OF NEW YORK ________________________________________________________________________ 7342--A Cal. No. 307 2023-2024 Regular Sessions IN SENATE 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: 1 Section 1. Paragraph (f) of subdivision 1 of section 499-bbbb of the 2 real property tax law, as added by chapter 485 of the laws of 2023, is 3 amended and a new paragraph (g) is added to read as follows: 4 (f) if the solar electric generating system and/or electric energy 5 storage system is placed in service on or after January first, two thou- 6 sand twenty-four, and before January first, two thousand thirty-five, 7 for each year of the compliance period such tax abatement shall be the 8 lesser of (i) seven and one-half percent of eligible solar electric 9 generating system and/or energy storage system expenditures, (ii) the 10 amount of taxes payable in such tax year, or (iii) sixty-two thousand 11 five hundred dollars[.]; or 12 (g) if electric energy storage equipment is placed in service on or 13 after January first, two thousand twenty-six, and before January first, 14 two thousand twenty-eight, for each year of the compliance period such 15 tax abatement shall be the lesser of (i) ten percent of eligible elec- 16 tric energy storage equipment expenditures, (ii) the amount of taxes 17 payable in such tax year, or (iii) sixty-two thousand five hundred 18 dollars. 19 § 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