Bill Text: NY A09151 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Authorizes the Ballston Spa Central School District to establish a semiconductor manufacturing tax stabilization reserve fund.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2014-05-27 - print number 9151a [A09151 Detail]

Download: New_York-2013-A09151-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9151
                                 I N  A S S E M B L Y
                                    March 20, 2014
                                      ___________
       Introduced  by M. of A. TEDISCO -- read once and referred to the Commit-
         tee on Education
       AN ACT to establish  a  semiconductor  manufacturing  tax  stabilization
         reserve  fund in the Ballston Spa Central School District to lessen or
         prevent increases in the school district's real property tax levy
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Legislative findings. The legislature hereby finds that the
    2  private  development  and  ownership  of  a  semiconductor manufacturing
    3  project or projects located  within  the  Ballston  Spa  Central  School
    4  District may result in the instability in the real property tax base and
    5  the  budgets of the district due to the uncertainty with the assessments
    6  of such semiconductor manufacturing project or projects  and  the  vari-
    7  ability  of the payments in lieu of taxes prior to and at termination of
    8  such payments.
    9    S 2. Definitions. As used in this act:
   10    (a) "Board of education" or "board" means the board  of  education  of
   11  the Ballston Spa Central School District.
   12    (b)  "Semiconductor  manufacturing  tax stabilization reserve fund" or
   13  "fund" means the semiconductor manufacturing tax  stabilization  reserve
   14  fund established pursuant to this act.
   15    (c)  "Payments  in lieu of taxes" or "payments" means payments in lieu
   16  of taxes receivable by the school district pursuant to contracts entered
   17  into in accordance with section 412-a of the real property  tax  law  or
   18  section  858  of the general municipal law on any semiconductor manufac-
   19  turing project or projects located wholly or partially within the  Ball-
   20  ston Spa Central School District.
   21    (d)  "School  district"  or  "district" means the Ballston Spa Central
   22  School District.
   23    (e) "Semiconductor manufacturing project or projects" shall be defined
   24  as in section 412-a of the real property tax law and shall  include  the
   25  land  upon  which the project is located, buildings for use in the manu-
   26  facturing of semiconductors and the acquisition and installation therein
   27  of certain machinery and equipment.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14277-01-4
       A. 9151                             2
    1    S 3. The board of education is hereby authorized to  establish  a  tax
    2  stabilization  reserve fund to lessen or prevent increases in the school
    3  district's real property tax levy resulting from  decreases  in  revenue
    4  due  to  changes  in the amount of or termination of payments in lieu of
    5  taxes  receivable by the school district provided, however, that no such
    6  fund shall be established unless approved by  a  majority  vote  of  the
    7  qualified voters of the district present and voting on a separate ballot
    8  proposition  therefor  at  either  a  special district meeting which the
    9  board of education may call for such purposes, or at the annual district
   10  meeting and election, to be noticed and  conducted  in  either  case  in
   11  accordance  with  the  provisions  of  article  41 of the education law.
   12  Moneys shall be paid into and withdrawn from  the  fund,  and  the  fund
   13  shall be administered, as follows:
   14    (a) For any school district fiscal year commencing after the effective
   15  date  of this act and after the establishment of the semiconductor manu-
   16  facturing tax stabilization reserve fund, the  board  of  education  may
   17  determine  that  there shall be paid into the fund all or any portion of
   18  the amount by which the payments in lieu  of  taxes  receivable  by  the
   19  school  district for such fiscal year is greater than the amount of such
   20  payments received by the school district for the preceding fiscal  year,
   21  provided  that  no payment into the reserve fund shall cause the balance
   22  of the fund to exceed  the  amount  approved  in  a  ballot  proposition
   23  described above.
   24    (b)  The  board  of  education is hereby authorized to make a one-time
   25  deposit into the semiconductor manufacturing tax  stabilization  reserve
   26  fund in an amount not to exceed two million dollars.
   27    (c)  Moneys  may be withdrawn from the semiconductor manufacturing tax
   28  stabilization reserve fund subject to the following limitations:
   29    (1) For any fiscal year for which payments in lieu of taxes receivable
   30  by the school district  are  less  than  the  amount  of  such  payments
   31  received  for  the  immediately  preceding  fiscal  year,  or the school
   32  district does not anticipate receiving any payment, the board of  educa-
   33  tion may authorize a withdrawal from the fund in an amount not to exceed
   34  the  amount  of the payments received for the immediately preceding year
   35  less the amount of the payments receivable for the fiscal year for which
   36  the budget and tax levy is being determined.
   37    (2) Notwithstanding paragraph 1 of this subdivision, and  in  addition
   38  to any withdrawal from the fund authorized pursuant to this subdivision,
   39  moneys may be withdrawn from the fund for any fiscal year to be expended
   40  for any other lawful purpose, provided, however, that no such withdrawal
   41  and  expenditure shall be made unless approved by a majority vote of the
   42  qualified voters of the district present and voting on a separate ballot
   43  proposition therefor at either a  special  district  meeting  which  the
   44  board  of education may call for such purpose, or at the annual district
   45  meeting and election, to be noticed and  conducted  in  either  case  in
   46  accordance with the provisions of article 41 of the education law.
   47    (d)  The  moneys  in the semiconductor manufacturing tax stabilization
   48  reserve fund shall be deposited,  invested  and  accounted  for  in  the
   49  manner provided for in subdivisions 2 and 6 of section 3651, and section
   50  3652 of the education law.
   51    S  4. When computing the school district's tax levy limit for a school
   52  year pursuant to subdivision 3 of section 2023-a of the education law:
   53    (a) The payments in lieu of taxes receivable for the prior school year
   54  shall be decreased by any amount paid into the semiconductor manufactur-
   55  ing tax stabilization reserve  fund  for  such  prior  school  year  and
       A. 9151                             3
    1  increased  by  any  amount withdrawn from the fund for such prior school
    2  year.
    3    (b) The payments in lieu of taxes receivable in the coming fiscal year
    4  shall be decreased by the amount to be paid into the semiconductor manu-
    5  facturing tax stabilization reserve fund for such coming fiscal year and
    6  increased  by any amount to be withdrawn from the semiconductor manufac-
    7  turing tax stabilization reserve fund for such coming fiscal year.
    8    S 5. This act shall take effect immediately.