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policy instrument
New York Carbon City Property Tax Abatement Act
Jurisdiction countryUnited States
Instrument typeprocurement
Authoritygovernment
PathwaysDirect air capture
Scopecarbon removal only
Statusproposed
DetailState legislation (S.5450 / A.777) that aims to create a property tax abatement to incentivize building-integrated carbon removal technologies in New York City. Amendment to the Climate Mobilization Act (Local Law 97 of 2019). Targets buildings in NYC to help meet emissions reduction requirements. Legislative session deadline for passage: June 6, 2024. Requires passage through both Assembly and Se
Monetary noteCovers up to 20% of CAPEX expenditure for installing carbon removal technologies in buildings
Stated statusproposed
Pathway scopespecific
Pathway noteincentivizes 'building-integrated carbon removal technologies' i.e. installing direct air capture systems in NYC buildings
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