commentTax Credit Promotes Green Roofs in NYC
State legislation passed in June 2008 allows New York City building owners who install vegetation on at least half their buildings’ available rooftop space to offset $4.50 in property taxes for each square foot of green roof they install, for one year. The credit covers about a quarter of the cost of installation and is capped at $100,000.
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The tax credit was designed to encourage property owners to contribute to the public benefits of green roofs, such as increased rainwater storage and reduced sewer overflows. As little as 1/10" of rain can overwhelm the capacity of the city’s combined sewers, contributing to the 2 billion gallons of raw sewage released into waterways annually. According to New York City Soil & Water Conservation District board member Paul Mankiewicz, 10,000 ft2 of vegetated roof can capture 6,000–12,000 gallons of water during a storm.
Building owners can apply for the credit as of January 1, 2009; the program is authorized through March 2013.
This article was produced by BuildingGreen, LLC.- www.buildinggreen.com
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