New York Governor Signs Law on Property Tax Abatements for Solar Electric Generation, Energy Storage

The New York Governor Sept. 22 signed a law on real property tax abatements for solar electric generating systems, and electric energy storage equipment. The law includes measures: 1) specifying that solar parking canopy structures are considered solar electric generating systems for abatement purposes; 2) specifying that no building is eligible for more than one tax abatement prior to Jan. 1, 2024; 3) stating that if the system or equipment is placed in service from Jan. 1, 2024, and before Jan. 1, 2035, the abatement is the lesser of 7.5 percent of eligible expenditures, the amount of taxes payable in ...