NY A10738

Allows towns and villages existing as of July 1, 2012 that subsequently share a coterminous boundary to qualify as surviving municipalities for the citizen empowerment tax credit.

Authorizes the Secretary of State to establish rules and regulations implementing the tax credit for towns with coterminous boundaries when such arrangements result in taxpayer savings.

Expands the definition of "local government re-organization" to include making town and village boundaries coterminous, in addition to consolidation or dissolution of local government entities.

Applies to municipalities that make boundaries coterminous after July 1, 2012, making them eligible for additional annual aid equal to fifteen percent of combined real property taxes levied prior to the reorganization (capped at one million dollars).