Bill Text: NY S01541 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to requiring an assessment of the direct and indirect property tax impact before awarding PILOT financial assistance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S01541 Detail]

Download: New_York-2021-S01541-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1541

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 13, 2021
                                       ___________

        Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the general municipal law, in relation to  requiring  an
          assessment  of  the  direct  and  indirect  property tax impact before
          awarding financial assistance

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph  (b)  of  subdivision 5 of section 859-a of the
     2  general municipal law, as added by chapter 563 of the laws of  2015,  is
     3  amended to read as follows:
     4    (b)  a written cost-benefit analysis by the agency that identifies the
     5  extent to which a project  will  create  or  retain  permanent,  private
     6  sector  jobs;  the estimated value of any tax exemptions to be provided;
     7  the estimated direct  and  indirect  property  tax  impact  of  any  tax
     8  exemptions,  including  the  indirect impact to entities benefiting from
     9  revenues derived from payments in lieu of taxes; the amount  of  private
    10  sector  investment  generated  or likely to be generated by the proposed
    11  project; the likelihood of accomplishing the proposed project in a time-
    12  ly fashion; and the extent to which the proposed  project  will  provide
    13  additional  sources  of revenue for municipalities and school districts;
    14  and any other public benefits that  might  occur  as  a  result  of  the
    15  project;
    16    § 2. Section 859-a of the general municipal law is amended by adding a
    17  new subdivision 3-a to read as follows:
    18    3-a.  The  agency  must  provide  written notice of the project to any
    19  person or entity who may be impacted by such project due  to  the  esti-
    20  mated  direct  and  indirect  property tax impact of any tax exemptions,
    21  including the indirect impact  to  entities  benefitting  from  revenues
    22  derived  from  payments  in  lieu  of  taxes. Such notice must contain a
    23  general, functional description of the project, describe the prospective
    24  location of the project, identify the initial owner, operator or manager

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00983-01-1
        S. 1541                             2

     1  of the project, describe the estimated direct and indirect property  tax
     2  impact  of any tax exemptions, including the indirect impact to entities
     3  benefitting from revenues derived from payments in  lieu  of  taxes  and
     4  generally  describe  the financial assistance contemplated by the agency
     5  with respect to the project.
     6    § 3. This act shall take effect immediately.