Governor Cuomo has signed into law a bill that extends real property tax breaks for installing electricity-generating solar panels on New York City buildings effective September 23, 2014.
The new law extends the existing incentive program to January 1, 2017. Further, the new law doubles the possible tax breaks as compared to the existing incentive program from 2.5 percent to 5 percent of eligible installation expenditures. Although the cost of installing electricity-generating solar panels in New York City is higher than in most other cities due to stringent city regulations, the new law aims to offset those higher costs. Continue reading this entry