New York Offers Tax Incentive for Green Building

Policymakers across the country continue to adopt incentives to encourage green building practices. Starting in 2013, owners and developers in New York State could receive up to 10 years of property tax exemptions for construction and improvements exceeding $10,000 in value. Under the new law, New York municipalities may pass legislation authorizing the property tax exemptions for green buildings, renovations, improvements and other projects.

The legislation provides that the project must meet corresponding levels in LEED requirements (or those of other substantially equivalent green building certification systems) to be eligible for a tax exemption. This benefits the industry as concrete is the only material that can contribute to all categories in LEED.