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NY A08956
Bill
Status
Introduced
1/30/2024
Primary Sponsor
William Conrad
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AI Summary
- Increases the maximum assistance period from 7 years to 10 years for local government entities experiencing revenue loss from closed electric generating facilities
- Maintains the $140,000,000 total funding cap from the urban development corporation
- Extends years 8, 9, and 10 of assistance at 20 percent of lost revenues (same as year 7), continuing the declining payment structure through the extended period
- Requires facilities to have ceased operations or become ineligible for bulk system operator markets on or after June 25, 2015, with at least 20 percent reduction in real property tax collections or payments in lieu of taxes
- Provides payments on a first-come, first-served basis with one payment per local government entity per year, limited to one payment per generator retirement
Legislative Description
Authorizes funding to local government entities from the urban development corporation through the electric generation facility cessation mitigation fund for an additional three years.
Last Action
referred to local governments
1/30/2024
Committee Referrals
Local Governments1/30/2024
Full Bill Text
No bill text available