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A 3061

Relates to creating a tax abatement for geothermal well systems

2025 Regular Session Introduced by Robert Carroll and 7 co-sponsors

Establishes a property tax abatement for geothermal well systems on qualifying real property to spur adoption and cut taxes for eligible owners.

REFERRED TO REAL PROPERTY TAXATION
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Bill Summary · A 3061

Bill Summary: A 3061 — Relates to creating a tax abatement for geothermal well systems

Overview

A 3061 is a proposed New York Assembly bill introduced on January 23, 2025, that seeks to establish a tax abatement program for geothermal well systems. The bill aims to promote the installation and use of geothermal energy by providing property tax relief for qualifying systems. The measure is currently in the Real Property Taxation committee.

Purpose and Intent

  • To incentivize property owners to install geothermal well systems by reducing property tax assessments or liabilities associated with eligible installations.
  • To support energy efficiency and decarbonization efforts by encouraging alternatives to conventional heating and cooling methods.

Key Provisions (as described by the bill’s title and status)

  • Establishment of a tax abatement program for geothermal well systems located on qualifying real property.
  • The bill would define eligibility criteria, the scope of the abatement, duration, and how the abatement is calculated. (Exact details would be specified in the enacted text.)
  • Administrative framework would determine how abatements are applied, renewed, or terminated, and which local or state entities administer the program. (Specifics to be found in the final bill text.)

Note: The full, operative provisions (eligibility thresholds, abatement amounts, duration, geographic scope, and administration) are not provided in the information available here; the above reflects the bill’s stated purpose and general approach.

Affected Parties and Impacts

  • Primary beneficiaries: property owners with eligible geothermal well systems installed on real property.
  • Potential impacts on local property tax revenues and assessment practices, as abatements reduce taxable value for eligible properties.
  • Administrative impact on local assessors and the real property tax administration to implement and monitor eligibility and abatements.

Procedural and Timeline Context

  • Introduced: January 23, 2025.
  • Status: Referred to the Real Property Taxation committee.
  • Legislative actions recorded: two entries on 2025-01-23 showing referral to Real Property Taxation (likely a duplication in the record).
  • Related legislation from prior sessions includes Bills A 8557, A 1608, and A 637, indicating prior interest in geothermal or energy-related tax incentives.

Sponsors

  • Primary sponsor: Robert C. Carroll.
  • Cosponsors: Alicia Hyndman, Jo Anne Simon, William Colton, Steven Otis, Albert A. Stirpe, Harvey Epstein, Jeffrey Dinowitz.

Related Bills (prior sessions)

  • A 8557 (prior-session)
  • A 1608 (prior-session)
  • A 637 (prior-session)

Next Steps for Readers

  • Monitor committee action in Real Property Taxation for any hearings, amendments, or votes.
  • Review the final enacted text to understand concrete eligibility requirements, abatement amounts, duration, and application procedures.
  • Consider potential fiscal and local-government impacts once the full provisions are disclosed.

Compiled from official sources — confirm details with the bill’s official record.

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