The New York State tax credit for green roofs has increased by more than 16% per square foot, and the maximum amount has doubled.
Property owners and managers looking to make their buildings more energy efficient and environmentally friendly will be happy to know that the New York State green roof tax abatement program is now bigger and better than before.
The original tax abatement program, which went into effect in 2008 and expired in March 2013, was not only reinstated in December—it was increased, giving owners even more reason to reap the benefits of installing a green roof on their buildings. The tax credit has been raised to $5.23 a square foot from $4.50 a square foot, and to a maximum of $200,000 from $100,000.
To be eligible for the New York State tax credit, the green roof system must cover at least 50 percent of a building's useable rooftop space, with vegetation on at least 80 percent of that covered roof space. The tax credit is available through March 15, 2018.
Because a green roof adds substantial weight to a building's structure, the New York City Department of Buildings requires a structural analysis to determine if the construction and condition of the existing roof can support the added load without modification. In addition to the roof's load-bearing capacity, other factors such as zoning restrictions and code compliance must be considered as well.
The benefits of green roofing systems are plentiful. Not only do they add useable space to a roof and increase a building's property value, the vegetation and soil layers also protect roofing membranes from ultraviolet radiation, extending membrane life up to twice as long as a conventional roof. In addition, the soil provides extra roof insulation, significantly lowering heating and cooling costs and allowing for the use of smaller HVAC equipment. The soil also absorbs rain, reducing storm water runoff.
For more information on green roofs, please see RAND's Green Roof Fact Sheet. To determine if your building would benefit from green roof, please contact RAND at 212-675-8844; info@nullrandpc.com.
With the increased tax credit, green may very well be the new black for capital improvement budgets.
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