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NY S08640
Bill
Status
Engrossed
6/4/2024
Primary Sponsor
Sean Ryan
Click for details
AI Summary
- Extends the electric generation facility cessation mitigation fund from 7 years to 10 years of assistance for eligible local government entities
- Maintains the $140,000,000 total funding cap from the urban development corporation
- Adds three new award years (8, 9, and 10) with assistance capped at 20 percent of revenue loss annually, matching year 7 levels
- Applies to counties, cities, towns, villages, school districts, or special districts where electric generating facilities ceased operations after June 25, 2015, and caused at least a 20 percent reduction in property tax collections or payments in lieu of taxes
- Requires facilities to have submitted notice of intent to retire to the federally designated electric bulk system operator and become ineligible to participate in BSO markets before assistance payments begin
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
6/4/2024
Committee Referrals
Local Governments6/4/2024
Rules5/20/2024
Local Government2/26/2024
Full Bill Text
No bill text available