senate Bill S6660A

Relates to the tax exemption for nuclear powered generating facilities

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 25 / Feb / 2014
    • REFERRED TO LOCAL GOVERNMENT
  • 26 / Mar / 2014
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 26 / Mar / 2014
    • PRINT NUMBER 6660A
  • 20 / May / 2014
    • 1ST REPORT CAL.889
  • 21 / May / 2014
    • 2ND REPORT CAL.
  • 28 / May / 2014
    • ADVANCED TO THIRD READING
  • 10 / Jun / 2014
    • SUBSTITUTED BY A9380

Summary

Extends the real property tax exemption for nuclear powered electric generating facilities to 2031.

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Bill Details

See Assembly Version of this Bill:
A9380
Versions:
S6660
S6660A
Legislative Cycle:
2013-2014
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง485, RPT L

Votes

9
0
9
Aye
0
Nay
0
aye with reservations
0
absent
0
excused
0
abstained
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Sponsor Memo

BILL NUMBER:S6660A

TITLE OF BILL: An act to amend the real property tax law, in relation
to the tax exemption for nuclear powered electric generating
facilities

PURPOSE:

To give local taxing jurisdictions with nuclear generating facilities
the ability to negotiate tax agreements.

SUMMARY OF PROVISIONS:

Section 1 amends paragraph (e) of subdivision 2 of section 485 of the
Real Property Tax Law to extend the effective date to January 1, 2031.

Section 2 states this act shall take effective immediately.

JUSTIFICATION:

Currently, local taxing authorities, such as local governments and
school districts, have the ability to enter into tax agreements with
nuclear generating facilities. Localities were first granted this
authority back in 2001.

Prior to 2001, nuclear generating facilities were taxed as real
property and municipal assessors were required to determine the value
of the property annually. Unlike most properties, the value of nuclear
generating facilities depends largely on the market. This
unpredictability created a dynamic where property values dramatically
increased or decreased each year. Further, having the property on the
assessment rolls increased the likelihood that the assessment would be
challenged each year in court.

For localities with these facilities, this was problematic in
stabilizing property taxes for residents and for future planning. Due
to these factors, legislation was enacted in 2001 that gave localities
the ability to negotiate tax agreements with nuclear facilities.
Specifically, localities can enter into an agreement with the nuclear
generating facility based on what is in the best interests of the
community - they can place the nuclear facility on the assessment
roll, enter into an IDA PILOT agreement or they can negotiate a tax
agreement. Having these options has proved to be successful in
communities with nuclear facilities and has helped stabilize property
taxes.

This legislation will extend Section 485 of the Real Property Tax Law
to January 1, 2031.

LEGISLATIVE HISTORY:

Assembly Bill 6639/Senate Bill 14 of 2001 (Chapter 87 of 2001).

FISCAL IMPLICATIONS:

None to state.


EFFECTIVE DATE:

This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6660--A

                            I N  S E N A T E

                            February 25, 2014
                               ___________

Introduced  by Sens. RITCHIE, MAZIARZ -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local  Government
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the real property  tax  law,  in  relation  to  the  tax
  exemption for nuclear powered electric generating facilities

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (e) of subdivision 2 of section 485 of  the  real
property  tax  law,  as  added  by chapter 87 of the laws of 2001 and as
further amended by subdivision (b) of section 1 of part W of chapter  56
of the laws of 2010, is amended to read as follows:
  (e) For assessment rolls with taxable status dates on or after January
first, two thousand [sixteen] THIRTY-ONE, or such earlier year as may be
specified  in  the  local  law  or  resolution authorizing the exemption
[(provided that the term of the exemption shall not be  reduced  thereby
to  less than five years)], the exemption provided by this section shall
no longer apply and any agreement for payments in lieu of taxes for  any
facility  theretofore exempt pursuant to this section shall no longer be
in effect. Upon the  request  of  the  assessor  of  an  assessing  unit
containing  a  nuclear powered electric generating facility, the commis-
sioner shall provide an advisory appraisal of such facility for  use  on
the  municipal  assessment  roll  with a taxable status date on or after
January first, two thousand [sixteen] THIRTY-ONE.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13659-03-4

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