NY S08939

Amends Town Law Section 64 to require that in eminent domain proceedings by towns, title vests and compensation is paid only after the state supreme court determines compensation using the income capitalization method based on actual net income allowed by the public service commission.

Requires final judgment, filed decree, and conclusion of all appeals (or expiration of appeal deadline) before compensation is paid in town condemnation proceedings.

Amends Town Law Section 215 to impose identical requirements for school districts conducting eminent domain proceedings, including use of the income capitalization method and completion of all appeals.

Allows towns or districts to withdraw condemnation proceedings without prejudice or costs if a court uses a compensation method other than income capitalization or awards compensation exceeding the public service commission's certified rate base of assets.

Takes effect immediately upon enactment.