NY A10802

Establishes the "Repowering and Local Mitigation Fund" in joint custody of the State Comptroller and Commissioner of Taxation and Finance to receive moneys over a base level pursuant to New York State regulatory standards.

Provides partial reimbursement to municipal governments for property tax losses over up to four consecutive years when electric generating facilities reduce compliance account emissions to zero, at declining rates (80% year one, 60% year two, 40% year three, 20% year four).

Limits reimbursement eligibility to municipalities where the affected electric generating property represented at least 10% of total assessed taxable property value within two years prior to emissions reduction.

Prohibits reimbursement if aggregate payments from the facility owner (including property taxes and payments in lieu of taxes) in the current year exceed payments made in the year before emissions reached zero.

Authorizes fiscal incentives for repowering of generating facilities from excess fund moneys not needed for reimbursement payments authorized above.