Prohibits utilities from charging customers excise tax

This bill requires large cooperative housing corporations that generate their own electricity, steam, or water to pay an excise tax directly to the city instead of passing the cost onto tenants. The tax applies to cooperatives with at least 1,500 apartments that produce their own energy through cogeneration facilities and distribute it to residents. Under the new rules, the tax rate is set at zero percent, meaning the utility pays the tax but does not add it as a separate charge on customer bills. The legislation aims to clarify that such taxes are operating costs for the utility rather than fees for consumers.