BILL NUMBER: S649
SPONSOR: RYAN S
 
TITLE OF BILL:
An act to amend subpart H of part C of chapter 20 of the laws of 2015,
relating to appropriating money for certain municipal corporations and
school districts, in relation to authorizing funding to local government
entities from the urban development corporation
 
PURPOSE:
This amendment would extend the number of years eligible municipal
corporations and school districts can receive mitigation assistance when
facing loss of tax or PILOT revenue from the closure of electric gener-
ating facilities. This amendment would extend the window of eligibility
for assistance from the current 7 years to a total of 10 years.
 
SUMMARY OF PROVISIONS:
Section 1: amends subpart H of part C of chapter 20 of the laws of 2015
to specify that the mitigation fund shall be available for a period of
10 years. Specifies the maximum available award for years eight, nine,
and ten.
Section 2: effective date.
 
JUSTIFICATION:
The electric generation facility cessation mitigation program was
created to provide funding assistance to support counties, towns,
cities, villages, school districts and special districts that experience
a reduction in the amount owed in real property taxes and/or PILOTs by
an electric generating facility. Under the current structure of the
program, a local government entity may receive annual funding over seven
years. In each year for which an application is made, the revenue loss
from the amount owed in the last year of operation must be 20% or great-
er and occur as a direct result of the electric generating facility
ceasing operations. Since the inception of this legislation in 2015,
municipal corporations and school districts continue to face the dire
consequences of lost revenue due to a facility closure. This amendment
extends the funding formula for an additional three years to ensure that
such local government entities are able to compensate for lost revenue.
 
LEGISLATIVE HISTORY:
2024: S.8640/A.8956 Passed Senate
 
FISCAL IMPLICATIONS:
None to the state, as additional appropriations have already been made
to the fund.
 
EFFECTIVE DATE:
This act shall take effect immediately.