July 16, 2008—Building owners in New York City who install green rooftops will now receive a significant tax credit under a bill (A.11226) sponsored by Assemblyman Ruben Diaz, Jr. that passed the state legislature recently.
Under this law, building owners in New York City who install green roofs on at least 50 percent of available rooftop space can apply for a one-year property tax credit of up to $100,000. The credit would be equal to $4.50 per square-foot of roof area that is planted with vegetation, or approximately 25 percent of the typical costs associated with the materials, labor, installation, and design of the green roof.
The legislation was championed by the S.W.I.M. (Storm Water Infrastructure Matters) Coalition, comprised of more than 50 city, state, and national organizations dedicated to ensuring fishable and swimmable waters around New York through natural, sustainable, storm water management practices.
“Green rooftops can save New York City residents more than $5 million in energy cooling costs, cut greenhouse gas emissions, and reduce overflows of raw sewage by easing pressure on the city’s overburdened sewer system,” said Larry Levine, attorney for the Natural Resources Defense Council (NRDC).
Building owners will be able to apply for the credit starting January 1, 2009. This is a pilot program that will expire after March 15, 2013, unless it is extended.
