NY S07731

Expands the definition of "local government re-organization" to include towns and villages that exist as of July 1, 2012 and thereafter share coterminous boundaries, in addition to consolidations and dissolutions.

Allows towns that qualify for citizen empowerment tax credit by sharing a coterminous boundary with a village to be deemed surviving municipalities eligible for additional annual aid.

Authorizes the Secretary of State to create rules and regulations implementing the tax credit for coterminous town-village arrangements when determined to result in taxpayer savings.

Maintains existing additional annual aid of 15 percent of combined real property taxes levied by participating municipalities, with a cap of one million dollars per municipality.

Takes effect immediately upon enactment.