New York State has officially adopted its FY 2019 budget, and the final version comes with a pleasant surprise for property managers and building owners.
The final budget maintains a popular tax exemption for properties that utilize third party energy supply companies (ESCOs). With the tax exemption, customers in New York who receive electricity and gas from an ESCO pay 4.5% on the delivery portion of their energy bill, as opposed to the full 8.875%. Preliminary drafts of Governor Cuomo's bill terminated this tax exemption.
For more information on the New York State Budget, please visit their website at https://www.budget.ny.gov/.
