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NYC Buildings Get Green Roof Tax Credit

July 08, 2008

Source: Storm Water Infrastructure Matters (S.W.I.M.)

Building owners in New York City who install green rooftops will now receive a significant tax credit under a bill passed by the New York state legislature. Under the new 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.   Building owners can apply for the credit starting Jan. 1, 2009.

“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 - which will help to achieve swimmable and fishable waterways in neighborhoods throughout New York City,” said Larry Levine, attorney for the Natural Resources Defense Council’s (NRDC).

According to Dr. Paul S. Mankiewicz, Gaia Institute Executive Director and board member of the New York City Soil & Water Conservation District: “Each 10,000 square foot green roof can capture between 6,000 and 12,000 gallons of water in each storm event. This is rainfall that will never enter the combined sewer. At the same time, the evaporation of this rainfall will produce the equivalent of between a thousand and two thousand tons of air conditioning, enough heat removal to noticeably cool ten acres of the City. This is a management practice that increases biodiversity and can literally add enjoyable landscape to all the boroughs of New York.”

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