State Sen. Mark Grisanti, R,-I-60, has announced passage of Senate bill S. 1710, which would provide green development home tax exemptions. Grisanti's bill would allow a tax exemption of 35 percent for real property for a period of no longer than 20 years if authorized by the local municipality.
According to Grisanti, the legislation will help to incentivize builders to invest in green homes, which are typically more expensive to build.
"Green homes are gaining in popularity and can make a home more desirable in a slow market," Grisanti said. "Homeowners want a home that will reduce their energy costs, be healthier for their family and be kinder to the environment. With this legislation I am eager to help builders decide that the investment in green building will be beneficial. Green builders are not only making homes that exceed building codes and are cost effective to own, but also minimize environmental impact. New York state wants to provide incentives for all new construction to head down this road. I urge my colleagues to act in the Assembly."
The creation of the green development home tax exemption is being done in order to facilitate growth in the green home market.
In order to qualify for this incentive, a new home will have to meet specific National Association of Home Builders or Leadership in Energy and Environmental Design criteria. Specifics of these standards that these homes will have to meet include, but are not limited to, the protection of high-value vegetation, improved soil and the use of recycled content building materials, to name just a few.
"I applaud Sen. Mark Grisanti as chairman of the Environmental Conservation Committee for taking the initiative to not only create a green homes bill, but to pass (it) in the Senate," said Angelo Natale, president and CEO of Natale Builders. "My company believes that home buyers deserve a better built, healthier home that is environmentally friendly. It is our responsibility, as home builders, to deliver a product that people want and to create self-sufficient, energy-efficient homes that meet or exceed government standards for conservation. We should all be dedicated to 'green living.' It is my hope that the Assembly takes action on this important piece of legislation."
Grisanti's camp said green building increases building value while decreasing utility expenses and maximizing resources while minimizing environmental impact. Green buildings are crafted to exceed building codes while remaining cost-effective to own and operate without sacrificing quality construction.
The NAHB estimates that U.S. homebuyers are willing to pay between 11 and 25 percent more for green homes, and that the demand for green homes will rise 900 percent over the next five years. Additionally, more than 40 percent of current home remodels are constructed with green products.
This is the second consecutive year this bill has passed the Senate.