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NY A09189
Bill
Status
2/2/2012
Primary Sponsor
Peter Lopez
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AI Summary
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Extends deadline for municipalities to adopt the Hurricane Irene and Tropical Storm Lee assessment relief provisions from 45 days to one year following governor approval.
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Extends deadline for property owners to submit written requests for assessment relief from 90 days to one year following governor approval.
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Establishes a "hold harmless" provision requiring the State to compensate participating municipalities that experience a reduction in property tax revenues of 2 percent or more due to assessment relief.
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Requires the Director of the Budget to develop criteria for distributing up to $20,000,000 in Hurricane Irene-Tropical Storm Lee Flood Recovery Grant funds to municipalities in federally declared disaster areas, with a portion specifically allocated to support municipalities experiencing tax revenue losses from the assessment relief program.
Legislative Description
Provides for grants to municipalities under the Hurricane Irene-Tropical Storm Lee Flood Recovery Grant program for lost tax revenue; extends to 1 year the deadline for municipalities and real property owners to opt into participation in the assessment relief program for disaster damaged real property; enacts a hold harmless provision for municipalities.
Last Action
held for consideration in ways and means
6/19/2012