Bill Text: NY A10802 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to establishing the repowering and local mitigation fund for payments to certain electric generating facilities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-07-20 - referred to ways and means [A10802 Detail]
Download: New_York-2011-A10802-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 10802 I N A S S E M B L Y July 20, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Lavine) -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law, in relation to establishing the repowering and local mitigation fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The state finance law is amended by adding a new section 2 92-gg to read as follows: 3 S 92-GG. REPOWERING AND LOCAL MITIGATION FUND. 1. THERE IS HEREBY 4 ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE 5 COMMISSIONER OF THE DEPARTMENT OF TAXATION AND FINANCE A SPECIAL FUND TO 6 BE KNOWN AS THE "REPOWERING AND LOCAL MITIGATION FUND". 7 2. SUCH FUND SHALL CONSIST OF MONEYS CREDITED OR TRANSFERRED WITHOUT 8 APPROPRIATION THERETO OVER AND ABOVE A BASE LEVEL PURSUANT TO THE STAND- 9 ARDS CONTROLLING CHAPTER ELEVEN OF TITLE TWENTY-ONE OF THE NEW YORK 10 STATE CODES, RULES AND REGULATIONS. 11 3. MONEYS OF THE REPOWERING AND LOCAL MITIGATION FUND SHALL BE AVAIL- 12 ABLE, IN ORDER OF PRIORITY, FOR: 13 (A) THE PARTIAL REIMBURSEMENT, FOR A PERIOD OF NO MORE THAN FOUR 14 CONSECUTIVE TAXING YEARS, AT A RATE OF A MAXIMUM OF EIGHTY PERCENT OF 15 SUCH LOSS IN YEAR ONE, A MAXIMUM OF SIXTY PERCENT OF SUCH LOSS IN YEAR 16 TWO, A MAXIMUM OF FORTY PERCENT IN YEAR THREE, AND A MAXIMUM OF TWENTY 17 PERCENT OF SUCH LOSS IN YEAR FOUR OF EACH ELIGIBLE CONSECUTIVE TAXABLE 18 YEAR, OF A MUNICIPAL GOVERNMENT AS THE RESULT OF A LOSS OF PROPERTY TAX 19 RECEIPTS, INCLUDING, FOR THE PURPOSES OF THIS CLAUSE, PAYMENTS IN LIEU 20 OF TAXES, RESULTING FROM A REDUCTION OF COMPLIANCE ACCOUNTS EMISSIONS TO 21 ZERO PURSUANT TO GUIDELINES IN PART TWO HUNDRED FORTY-TWO OF TITLE SIX 22 OF THE NEW YORK STATE CODES, RULES AND REGULATIONS FOR A TAXPAYER PREVI- 23 OUSLY GENERATING COMPLIANCE ACCOUNT EMISSIONS IF SUCH TAXPAYER'S ELEC- 24 TRIC GENERATING PROPERTY, WITHIN TWO YEARS PRIOR OF SUCH REDUCTION TO 25 ZERO, IS ASSESSED AT LEAST TEN PERCENT OF THE TOTAL ASSESSED VALUE OF 26 TAXABLE PROPERTY FOR SUCH MUNICIPAL GOVERNMENT; PROVIDED FURTHER, THAT 27 NO REIMBURSEMENT SHALL BE MADE IF, IN A MUNICIPAL TAX YEAR, THE AGGRE- 28 GATE AMOUNT PAID TO A MUNICIPAL GOVERNMENT BY THE OWNER OF AN ELECTRIC EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16342-01-2 A. 10802 2 1 GENERATING FACILITY STATION INCLUDING, BUT NOT LIMITED TO, PAYMENTS IN 2 LIEU OF TAXES AND PROPERTY TAXES, EXCEED THE AGGREGATE AMOUNT PAID TO 3 THAT MUNICIPALITY BY THAT OWNER IN THE YEAR ON OR BEFORE SUCH COMPLIANCE 4 ACCOUNT EMISSIONS REACHED ZERO; 5 (B) THE PROVISION OF A FISCAL INCENTIVE TO ENCOURAGE THE REPOWERING OF 6 A GENERATING FACILITY PURSUANT TO AN APPLICATION CONSISTENT WITH PARA- 7 GRAPH (B) OF SUBDIVISION FOUR OF SECTION ONE HUNDRED SIXTY-FIVE OF THE 8 PUBLIC SERVICE LAW IF, IN ANY STATE FISCAL YEAR, THE MONEYS AVAILABLE IN 9 THE REPOWERING AND LOCAL MITIGATION FUND EXCEED THE PAYMENTS AUTHORIZED 10 IN PARAGRAPH (A) OF THIS SUBDIVISION. 11 4. MONEYS IN THE FUND SHALL BE KEPT SEPARATELY FROM AND SHALL NOT BE 12 COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF THE STATE COMP- 13 TROLLER. 14 5. ALL PAYMENTS OF MONEYS FROM THE FUND SHALL BE MADE ON THE AUDIT AND 15 THE WARRANT OF THE COMPTROLLER. 16 S 2. This act shall take effect immediately.