NY A03565

Applies to water-works corporations located in counties with populations of one million, one hundred thousand or more that are designated as special assessing units in their tariffs as of May 1, 2019.

Requires courts to use the income capitalization method of valuation based on actual net income approved by the Public Service Commission when determining compensation in condemnation proceedings brought by towns or water districts.

Delays compensation payment until after the state supreme court decision, final judgment entry, final decree filing, and conclusion of any appeals or expiration of appeal deadlines.

Permits towns or water districts to withdraw condemnation proceedings without prejudice or costs if a court uses any method other than income capitalization or awards compensation exceeding the Public Service Commission's rate base for the condemned assets.

Takes effect immediately upon enactment.