NY Property Tax Exemption Extension for Renewable Systems

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cellsturbinesThe New York legislature has passed a bill that extends a real property tax exemption for wind, solar and certain other energy systems until January 1, 2025. The bill provides that real property which includes an eligible energy system is exempt from certain real property taxes for a period of fifteen years, to the extent of any increase in assessed value of the property due to the system. Local governments are permitted to opt out of being required to allow the exemption. The bill was introduced, in part, due to urging by the Solar Energy Industries Association (SEIA). “SEIA applauds the New York legislature’s extension of the property tax for solar systems. Solar is a growing industry, employing thousands and proving access to local clean energy resources for New York’s citizens,” said Carrie Cullen Hitt, senior vice president of state affairs for SEIA. The bill is intended to help consumers and support continued investment in residential and commercial solar energy generation. This tax exemption comes at a time when New York’s solar industry is thriving and is aimed at helping residents see strong returns on their investments. In fact, New York has been one of the foremost states in leveraging the renewable energy source. The success of New York’s thriving solar market is, in part, due to Governor Cuomo’s NY-Sun Initiative, which has already had a profound impact on the state’s electricity industry. Around 69 megawatts of solar capacity came online last year, which ranked ninth in the entire county. The bill is now before Governor Cuomo for signature.

 

Topics:  Energy Projects, New Legislation, Property Tax, Reassessments, Renewable Energy, Solar Panels, Tax Exemptions, Wind Power

Published In: Energy & Utilities Updates, Environmental Updates, Commercial Real Estate Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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