New York state has passed a law that could provide substantial incentives for builders and developers to go “green.” In a time where motivation for energy efficiency is paramount, New York state is stepping up it’s game in order to help develop the green initiative.
Last month, New York governor Andrew Cuomo signed into law a bill passed by the New York state legislature authorizing property-tax exemptions for green buildings, renovations, improvements, and other projects, beginning in 2013. The bill could offer up to 10 years of property-tax exemptions within any municipality that chooses to enact legislation mirroring the bill.
The amount of tax exemption to be awarded will depend on the level of LEED or other green building certification achieved by each project. For example, a project receiving LEED Silver certification will award 100% property-tax exemption that tapers off by 20% for each of the following five years. A project that receives LEED Gold certification will get 100% tax exemption for four years before tapering off by 20% and LEED Platinum certified projects could receive up to six years of 100% exemption.
Each project must exceed a value of $10,000 in green construction or renovation in order to qualify for the law to apply. Only projects that begin after January 1st, 2013 will apply.