The New York Senate approved a bill Wednesday that would give property owners more time to take advantage of a tax abatement for energy-efficiency upgrades and other renovations.
The Senate voted 55-4 in favor of S8170, which would allow building owners four additional years to complete construction that could qualify for the incentive.
The legislation gives New York City building owners until June 30, 2030 to qualify for the J-51 tax incentive that offsets renovations to affordable multifamily properties, from new plumbing to elevator repairs.
State lawmakers extended and updated the tax credit in 2023 to help pay for ...
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