Bill Text: NY S07784 | 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 (Republican 2-0)
Status: (Introduced - Dead) 2012-06-18 - REFERRED TO RULES [S07784 Detail]
Download: New_York-2011-S07784-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7784
I N S E N A T E
June 18, 2012
___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
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
S. 7784 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.
