NY State Senate Bill 2009-S5860

Senate Bill S5860

2009-2010 Legislative Session

Extends the expiration of the power for jobs program and the energy cost savings benefits program and authorizes additional voluntary contribution

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Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to energy and telecommunications
Jun 15, 2009	referred to rules

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2009-S5860 (ACTIVE) - Details

Current Committee:: Senate Energy And Telecommunications
Law Section:: Economic Development Law
Laws Affected:: Amd §§183 & 189, Ec Dev L; amd §9, Chap 316 of 1997; amd §186-a, Tax L; amd §11, Chap 645 of 2006; amd §1005, Pub Auth L

2009-S5860 (ACTIVE) - Summary

Extends the expiration of the power for jobs program and the energy cost savings benefits program; authorizes additional voluntary contribution into the state treasury under the power for jobs program.

2009-S5860 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5860

 TITLE OF BILL :
An act to amend the economic development law, chapter 316 of the laws
of 1997 amending the public authorities law and other laws relating to
the provision of low cost power to foster statewide economic
development, the tax law and chapter 645 of the laws of 2006 amending
the economic development law and other laws relating to reauthorizing
the New York power authority to make contributions to the general
fund, in relation to extending the expiration of the power for jobs
program and the energy cost savings benefits program; and to amend the
public authorities law, in relation to authorizing an additional
voluntary contribution into the state treasury under the power for
jobs program


 PURPOSE OR GENERAL IDEA OF BILL :
The purpose of this bill is to extend for twenty-one months the power
for jobs (PFJ) and energy cost savings benefit (ECSB) programs
administered by the Power Authority of the State of New York (NYPA)
and the New York State Economic Development Power Authority Power
Allocation Board (EDPAB); and authorize the reallocation of
relinquished and withdrawn benefits to eligible customers under PFJ
and ECSB programs.

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1 of the bill amends Economic Development Law (EDL) section
183 (h) and (4) to: (1) extend, from June 20, 2009 to March 31, 2011,
the period during which the eligible businesses may be considered for
ECSB program benefits; (2) authorize the EDPAB to expedite the
awarding of benefits and defer the review of compliance with program
criteria until after applicants have been awarded interim benefits;
and (3) authorize ECSB program benefits which are relinquished or
withdrawn after the effective date of the bill to be made available
for reallocation to eligible businesses.

Sections 2 and 3 of the bill amend EDL section 189(a)(5)(f) and (1)
extend from June 30, 2009 to March 31, 2011, the period during which
recipients of program benefits may choose to receive an electricity
savings reimbursement; (2) extend, June 30, 2009 to March 31, 2011,
the period during the EDPAB may recommend allocations of benefits to
eligible applicants, and to provide that the term of any contracts for
allocations of benefits should not extend beyond March 31, 2011; (3)
authorize the EDPAB to expedite the awarding of reimbursements and
contract extensions and defer the review compliance with program
criteria until after applicants have been awarded a PFJ electricity
savings reimbursement or contract extension; and (4) authorize any PFJ
allocations which are relinquished or withdrawn after the effective
date of the bill to be made available for reallocation to eligible
businesses.

Section 4 of the bill extends the effective date of Chapter 316 of the
Laws of 1997, which created the PFJ program.

Section 5 of the bill amends Tax Law and section 186-a to extend,
through and including 2010, the taxable periods through which a
utility that delivers power under the PFJ requirements made applicable
to NYPA by Chapter 645.

Section 6 of the bill amends section 7 of Chapter 645 the Laws of 2006
to extend, June 30, 2009 to March 31, 2011, the effective date of
certain reporting requirements made applicable NYPA by Chapter 645.

Section 7 of the bill amends Public Authorities Law section 1005 to
authorize the NYPA Board of Trustees to contribute to the State the
lesser of $20 million, or the value of the tax credits authorized by
Tax Law section 186-a(9), to offset losses to the State from gross
receipts tax revenues from PFJ contract extensions, and raises the
aggregate amount that NYPA may contribute to the State under the PFJ
program from $449 million to up to $469 million.

Section 9 provide for the severability of provisions.

 JUSTIFICATION :
The PFJ and ECSB programs provide reduced power rates to hundreds of
businesses statewide. In return, these businesses are required to,
among other things, create or retain jobs.

Both programs are set to expire on June 30, 2009. By extending these
programs the bill would ensure that eligible businesses will continue
to receive benefits from the PFJ and ECSB programs. In addition, the
bill would authorize PFJ allocations and ECSB program benefits which
are relinquished or withdrawn after the effective date of the bill to
be made available for reallocation to eligible businesses under the
PFJ and ECSB programs.

Given that these programs are scheduled to expire on June 30, 2009,
the bill would authorize the EDPAB to expedite the awarding of
reimbursements and extensions and defer the review of compliance with
program criteria until after the applicant has been awarded interim
program benefits. This type of authorization was provided to the EDPAB
in Chapter 89 of the Laws of 2007 under similar circumstances.

 PRIOR LEGISLATIVE HISTORY :
This is a new bill. Similar legislation has extended the PFJ and ECSB
programs in previous years. See, e.g.,Chapter 645 of the Laws of 2006;
Chapter 89 of Laws of 2007; and Chapter 59 of the Laws of 2008 (Part
Y).

 FISCAL IMPLICATIONS :
The bill has no State budget impacts. Any lost revenues to the State
from the gross receipts tax credit will be offset by a corresponding
payment from NYPA to the General Fund.

 EFFECTIVE DATE :
This bill would take effect immediately.

2009-S5860 (ACTIVE) - Bill Text download pdf

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

                                  5860

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              June 15, 2009
                               ___________

Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the economic development law, chapter 316 of the laws of
  1997  amending  the  public authorities law and other laws relating to
  the provision of low cost power to foster statewide economic  develop-
  ment,  the  tax  law  and chapter 645 of the laws of 2006 amending the
  economic development law and other laws relating to reauthorizing  the
  New York power authority to make contributions to the general fund, in
  relation to extending the expiration of the power for jobs program and
  the  energy  cost  savings  benefits  program; and to amend the public
  authorities law, in relation to authorizing  an  additional  voluntary
  contribution into the state treasury under the power for jobs program

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

  Section 1. Paragraphs 2 and 4 of subdivision (h) of section 183 of the
economic development law, paragraph 2 as amended by section 1 of part  Y
of  chapter 59 of the laws of 2008 and paragraph 4 as amended by chapter
89 of the laws of 2007, are amended to read as follows:
  2. During the period commencing on November first, two  thousand  five
and  ending  on [June thirtieth] MARCH THIRTY-FIRST, two thousand [nine]
ELEVEN eligible businesses shall only include customers served under the
power authority of the state of New York's high  load  factor,  economic
development  power  and  other  business  customers  served by political
subdivisions of the state authorized by law to engage  in  the  distrib-
ution of electric power that were authorized to be served by the author-
ity from the authority's former James A. Fitzpatrick nuclear power plant
as  of  the effective date of this subdivision whose power prices may be
subject to increase before  [June  thirtieth]  MARCH  THIRTY-FIRST,  two
thousand  [nine]  ELEVEN.    Provided, however, that the total amount of
megawatts of replacement and preservation power which, due to the exten-
sion of the energy cost savings benefits, are  not  relinquished  by  or

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14297-03-9

S. 5860                             2

withdrawn  from  a recipient shall be deemed to be relinquished or with-
drawn for purposes of offering such megawatts by the authority for real-
location pursuant to subdivision thirteen of section one  thousand  five
of  the  public  authorities  law.  Provided, further, that for any such
reallocation, the authority shall maintain the same energy cost  savings
benefit  level for all eligible businesses using any available authority
resources as deemed feasible and advisable by the trustees  pursuant  to
section  seven  of part U of chapter fifty-nine of the laws of two thou-
sand six.
  4. Applications for an energy cost savings benefit  shall  be  in  the
form  and  contain such information, exhibits and supporting data as the
board may prescribe. The board shall review  the  applications  received
and shall determine the applications which best meet the criteria estab-
lished for the benefits pursuant to this subdivision and it shall recom-
mend  such  applications to the power authority of the state of New York
with such terms and conditions as it deems appropriate; provided, howev-
er, that for energy cost savings benefits granted on or after June thir-
tieth, two thousand [seven] NINE through June  thirtieth,  two  thousand
[eight]  TEN, the board shall expedite the awarding of such benefits and
shall defer the review of compliance with such criteria until after  the
applicant  has  been  awarded an energy cost savings benefit. Such terms
and conditions shall include reasonable  provisions  providing  for  the
partial or complete withdrawal of the energy cost savings benefit in the
event  the  recipient fails to maintain mutually agreed upon commitments
that may include, but are not limited to, levels of employment,  capital
investment  and  power  utilization.  Recommendation  for approval of an
energy cost savings benefit shall qualify an  applicant  to  receive  an
energy cost savings benefit from the power authority of the state of New
York  pursuant  to  the  terms and conditions of the recommendation. ANY
ENERGY COST SAVINGS BENEFIT WHICH IS RELINQUISHED OR WITHDRAWN AFTER THE
EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF  TWO  THOUSAND  NINE  WHICH
AMENDED  THIS  PARAGRAPH SHALL BE AVAILABLE FOR REALLOCATION TO ELIGIBLE
BUSINESSES AS DEFINED IN PARAGRAPH TWO OF THIS SUBDIVISION.
  S 2. The opening paragraph  of  paragraph  5  of  subdivision  (a)  of
section  189 of the economic development law, as amended by section 2 of
part Y of chapter 59 of the laws of 2008, is amended to read as follows:
  "Power  for  jobs  electricity  savings  reimbursements"  shall   mean
payments  made by the power authority of the state of New York as recom-
mended by the board to recipients of allocations of power  under  phases
four  and  five of the power for jobs program for a period of time until
November thirtieth, two thousand four, subsequent to the  expiration  of
their  phase  four or five power for jobs contract provided however that
any power for jobs  recipient  may  choose  to  receive  an  electricity
savings  reimbursement  as a substitute for a contract extension for the
period from the date the  recipient's  contract  expires  through  [June
thirtieth]  MARCH  THIRTY-FIRST, two thousand [nine] ELEVEN.  The "basic
reimbursement" is an amount that when credited against  the  recipient's
actual "unit cost of electricity" during a quarter (meaning the cost for
commodity and delivery per kilowatt-hour for the quantity of electricity
purchased  and delivered under the power for jobs program during a simi-
lar period in the final year of the recipient's contract), results in an
effective unit cost of electricity during the quarter equal to the aver-
age unit cost of electricity such recipient paid during the  final  year
of  the  contract  for  power  allocated under phase four or five of the
power for jobs program.

S. 5860                             3

  S 3. Subdivisions (f) and (l) of section 189 of the economic  develop-
ment law, as amended by section 3 of part Y of chapter 59 of the laws of
2008, are amended to read as follows:
  (f)  Eligibility.  The  board  shall  recommend applications for allo-
cations of power under the power for jobs program to or for the  use  of
businesses  which  normally  utilize  a  minimum peak electric demand in
excess of four hundred kilowatts; provided,  however,  that  up  to  one
hundred  megawatts  of power available for allocation during the initial
three phases of the power for jobs program may be recommended for  allo-
cations  to  not-for-profit  corporations  and to small businesses; and,
provided, further that up to seventy-five megawatts of  power  available
for allocation during the fourth phase of the program may be recommended
for  allocations to not-for-profit corporations and to small businesses.
The board may require small businesses that normally utilize  a  minimum
peak  electric  demand  of  less than one hundred kilowatts to aggregate
their electric demand in amounts of no less than one hundred  kilowatts,
for  the  purposes  of applying to the board for an allocation of power.
The board shall recommend allocations of the  additional  three  hundred
megawatts  available  during the fourth phase of the program to any such
eligible applicant, including any recipient of  power  allocated  during
the first phase of the program. The board shall recommend allocations of
the  additional  one hundred eighty-three megawatts available during the
fifth phase of the program to  any  eligible  applicant,  including  any
recipient  of  power allocated during the second and third phases of the
program; provided, however, that the term of contracts  for  allocations
under  the  fifth  phase  of  the program shall in no case extend beyond
[June  thirtieth]  MARCH  THIRTY-FIRST,  two  thousand  [nine]   ELEVEN.
Notwithstanding  any  provision  of law to the contrary, and, in partic-
ular, the provisions of this chapter concerning the terms  of  contracts
for  allocations  under  the  power  for  jobs program, the terms of any
contract with a recipient of power allocated  under  phase  two  of  the
power  for jobs program that has expired or will expire on or before the
thirty-first day of August, two thousand two, may  be  extended  by  the
power  authority  of  the  state of New York for an additional period of
three months effective on the  date  of  such  expiration,  pending  the
filing  and  approval  of  an application by such recipient for an allo-
cation under the fifth phase  of  the  program.  The  term  of  any  new
contract  with such recipient under the fifth phase of the program shall
be deemed to include any three month contract extension made pursuant to
this subdivision and the termination date of any such new contract under
phase five shall be no later than if such  new  contract  had  commenced
upon  the expiration of the recipient's original phase two contract. The
terms of any contract with a recipient of power  allocated  under  phase
four and/or phase five of the power for jobs program that has expired or
will  expire on or before the thirty-first day of December, two thousand
five, may be extended by the power authority of the state  of  New  York
from  a  date  beginning  no earlier than the first day of December, two
thousand four and extending through [June thirtieth] MARCH THIRTY-FIRST,
two thousand [nine] ELEVEN.
  (l) The board shall solicit and review applications for the power  for
jobs  electricity  savings  reimbursements  and contract extensions from
recipients of power for jobs allocations under phases four and  five  of
the  program for the award of such reimbursements and/or contract exten-
sions. The board may prescribe a simplified  form  and  content  for  an
application for such reimbursements or extensions. An applicant shall be
eligible  for  such  reimbursements  and/or  extensions only if it is in

S. 5860                             4

compliance with and agrees to continue to meet  the  job  retention  and
creation  commitments set forth in its prior power for jobs contract, or
such other commitments as the board deems reasonable; provided, however,
that  for  the  power  for  jobs  electricity savings reimbursements and
contract extensions granted on or after  June  thirtieth,  two  thousand
[seven] NINE through June thirtieth, two thousand [eight] TEN, the board
shall expedite the awarding of such reimbursements and/or extensions and
shall  defer  the review of compliance with such commitments until after
the applicant has been awarded a  power  for  jobs  electricity  savings
reimbursement  and/or  contract  extension.  The board shall review such
applications  and  make  recommendations  for  the  award:  1.  of  such
reimbursements  through the power authority of the state of New York for
a period of time up to November thirtieth, two thousand four, and 2.  of
such contract extensions or reimbursements as applied for by the recipi-
ent for a period of time beginning December first, two thousand four and
ending  [June thirtieth] MARCH THIRTY-FIRST, two thousand [nine] ELEVEN.
At no time shall a recipient receive both a reimbursement and  extension
after  December  first,  two  thousand  four. The power authority of the
state of New York shall receive notification from  the  board  regarding
the  award  of  power for jobs electricity savings reimbursements and/or
contract extensions.   ANY POWER FOR JOBS  ALLOCATION  WHICH  IS  RELIN-
QUISHED OR WITHDRAWN AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS
OF  TWO  THOUSAND NINE WHICH AMENDED THIS SUBDIVISION SHALL BE AVAILABLE
FOR REALLOCATION TO CUSTOMERS ELIGIBLE FOR POWER FOR JOBS ALLOCATIONS AS
DEFINED IN SUBDIVISION (F) OF THIS SECTION.
  S 4. Section 9 of chapter 316 of the laws of 1997 amending the  public
authorities  law  and  other  laws relating to the provision of low cost
power to foster statewide economic development, as amended by section  4
of  part  Y  of  chapter  59  of the laws of 2008, is amended to read as
follows:
  S 9. This act shall take effect immediately and shall  expire  and  be
deemed repealed [June 30] MARCH 31, [2009] 2011.
  S  5.  Subdivision  9  of  section 186-a of the tax law, as amended by
section 5 of part Y of chapter 59 of the laws of  2008,  is  amended  to
read as follows:
  9.  Notwithstanding  any  other provision of this chapter or any other
law to the contrary, for taxable periods nineteen  hundred  ninety-seven
through  and  including  two  thousand  [nine] ELEVEN, any utility which
delivers power under the power  for  jobs  program,  as  established  by
section  one  hundred eighty-nine of the economic development law, shall
be allowed a credit, subject to the  limitations  thereon  contained  in
this  subdivision,  against  the tax imposed under this section equal to
net lost revenues from the delivery of power under such power  for  jobs
program.  Net  lost  revenues means the "net receipts" less "net utility
revenue" from such delivery of power. For purposes of this  subdivision,
"net  receipts" shall mean the amount that the utility would have other-
wise received from customers receiving power pursuant to allocations  by
the  New  York  state  economic  development  power  allocation board in
accordance with section one hundred eighty-nine of the economic develop-
ment law, or from customers whose allocation has been transferred to  an
energy  service  company, or from energy service companies to which such
allocation has been transferred, pursuant to its  tariff  supervised  by
the  public  service  commission  for  substantially  comparable service
otherwise applicable to such customers or energy  service  companies  in
the  absence  of  such  designation,  less  the utility's annual average
incremental short-term variable and capacity  costs  of  providing  such

S. 5860                             5

power in the absence of such purchase. For the purposes of this subdivi-
sion, "net utility revenue" shall mean the revenues the utility actually
receives  in  accordance  with such section one hundred eighty-nine from
such  customers so designated by the New York state economic development
power allocation board or  from  customers  whose  allocation  has  been
transferred  to  an  energy  service company, or from the energy service
companies to which a power for jobs  allocation  has  been  transferred,
less  the  utility's  cost  of  such power under such program. Provided,
however, that any credit under this section  shall  be  used  only  with
respect  to  the  same  taxable  year during which such credit arose and
shall not be capable of being carried forward or backward to  any  other
taxable  period.  Nor shall any credit be allowed to any utility for the
total amount of power, expressed in kilowatt  hours,  purchased  by  the
customers  of  such utility under such program during the taxable period
that exceeds the prorated "baseline energy use" by all customers of that
utility purchasing power under such program during the  taxable  period.
"Baseline energy use" with respect to each customer shall mean the larg-
est  amount of kilowatt hours of energy used by such customer during any
twelve consecutive month period occurring during  the  preceding  thirty
months  immediately  preceding  the  New York state economic development
power allocation board's recommendation of such customer's  application,
prorated  to  reflect the length of time of the customer's participation
in such program during the taxable period.   Provided further,  however,
that  in  accordance with subdivision (k) of section one hundred eighty-
nine of the economic development law no tax credit  shall  be  available
for  any  revenue  losses  when a utility has declined to purchase power
allocated for sale under such program. No electric corporation shall  be
allowed  the  tax  credit  authorized by this subdivision until it shall
file a certificate from the department of public service for the  period
covered  by the return verifying that the calculation of such tax credit
complies with this subdivision and the department of public service  has
approved  such certificate and forwarded a copy of such approved certif-
icate to the commissioner or any amended certificate resulting from  the
need for correction. The credit allowed by this subdivision shall not be
applicable  in  calculating  any  other  tax imposed or authorized to be
imposed by this chapter or any other law, and  the  amount  of  the  tax
surcharge imposed under section one hundred eighty-six-c of this article
shall  be  calculated  and payable as if the credit provided for by this
subdivision were not allowed.
  S 6. Section 11 of chapter 645  of  the  laws  of  2006  amending  the
economic  development  law  and other laws relating to reauthorizing the
New York power authority to make contributions to the general  fund,  as
amended  by  section  6  of part Y of chapter 59 of the laws of 2008, is
amended to read as follows:
  S 11.  This act shall take effect immediately and shall be  deemed  to
have been in full force and effect on and after April 1, 2006; provided,
however,  that the amendments to section 183 of the economic development
law and subparagraph 2 of paragraph g of the  ninth  undesignated  para-
graph of section 1005 of the public authorities law made by sections two
and  six of this act shall not affect the expiration of such section and
subparagraph, respectively, and shall be  deemed  to  expire  therewith;
provided  further,  however,  that  the amendments to section 189 of the
economic development law and subdivision 9 of section 186-a of  the  tax
law  made  by  sections  three, four, five and ten of this act shall not
affect the repeal of such section  and  subdivision,  respectively,  and
shall  be  deemed  to  be repealed therewith; provided further, however,

S. 5860                             6

that section seven of this act shall expire and be deemed repealed [June
30] MARCH 31, [2009] 2011.
  S 7. Subparagraph 2 of paragraph g of the ninth undesignated paragraph
of  section  1005 of the public authorities law, as amended by section 7
of part Y of chapter 59 of the laws of  2008,  is  amended  to  read  as
follows:
  2. The authority, as deemed feasible and advisable by the trustees, is
authorized  to  make  payments to recipients of the power for jobs elec-
tricity savings reimbursements and additional annual voluntary  contrib-
utions  into  the state treasury to the credit of the general fund.  The
authority shall make such contributions to the state treasury  no  later
than  ninety  days  after the end of the calendar year in which a credit
under subdivision nine of section one hundred eighty-six-a  of  the  tax
law  is  available:  (a)  for  the additional three hundred megawatts of
power under the fourth phase  of  the  program  provided  under  chapter
sixty-three  of  the  laws of two thousand and under the fifth phase for
the additional one hundred eighty-three megawatts provided under chapter
two hundred twenty-six of the laws of two thousand two; and (b) for  any
extension  of any contract for allocations under the fourth phase of the
program and under the fifth phase of the program. Payments for any elec-
tricity savings reimbursement under section one hundred  eighty-nine  of
the  economic  development  law  shall be made pursuant to such section.
Such annual contributions shall be equal to fifty percent of  the  total
amount  of such credits available each year to all local distributors of
electricity. In addition, such authorization for contribution  in  state
fiscal  year  two thousand two--two thousand three shall be equal to the
total amount of credit available in two thousand one  and  two  thousand
two;  and  such  authorization for contribution in state fiscal year two
thousand three--two thousand four shall be equal to the total amount  of
credit  available  in  two  thousand  three;  under  subdivision nine of
section one hundred eighty-six-a of the tax law under the  fourth  phase
of the program for the additional three hundred megawatts provided under
chapter  sixty-three  of  the  laws  of two thousand and under the fifth
phase for the additional one  hundred  eighty-three  megawatts  provided
under chapter two hundred twenty-six of the laws of two thousand two. In
state  fiscal year two thousand four--two thousand five, such authorized
annual contribution shall be equal to one hundred percent of  the  total
amount  of such credits available each year to all local distributors of
electricity. Such authorization for contribution in state  fiscal  years
two  thousand  four  and  two  thousand five shall be equal to the total
amount of credit available in two thousand four and two  thousand  five;
under  subdivision  nine  of section one hundred eighty-six-a of the tax
law under the fourth phase of  the  program  for  the  additional  three
hundred  megawatts provided under chapter sixty-three of the laws of two
thousand and under the fifth phase for the additional one hundred eight-
y-three megawatts provided under chapter two hundred twenty-six  of  the
laws  of  two thousand two. In addition, such authorization for contrib-
ution for any extension of any contract for allocations under the fourth
phase of the program and under the fifth phase of the  program  in  each
state  fiscal  year  shall  be  equal  to  the total amount of credit or
reimbursement available in state  fiscal  year  two  thousand  four--two
thousand five, state fiscal year two thousand five--two thousand six and
two  thousand six--two thousand seven. Additionally, notwithstanding any
other section of law, the authority is authorized to make a contribution
in an amount related to total amounts of credit  received  under  phases
one,  two,  three,  four  and  five of the program. In no case shall the

S. 5860                             7

contribution for state fiscal year two thousand five--two  thousand  six
be  less  than  seventy-five million dollars. The contribution for state
fiscal year two thousand six--two thousand seven shall  be  one  hundred
million  dollars.  The  contribution  for state fiscal year two thousand
seven--two thousand eight shall be thirty million dollars. The  contrib-
ution  for state fiscal year two thousand eight--two thousand nine shall
be twenty-five million dollars.  THE CONTRIBUTION FOR STATE FISCAL  YEAR
TWO  THOUSAND  NINE--TWO  THOUSAND  TEN  SHALL  BE  THE LESSER OF TWENTY
MILLION DOLLARS OR THE VALUE OF THE CREDITS  AUTHORIZED  BY  SUBDIVISION
NINE  OF SECTION ONE HUNDRED EIGHTY-SIX-A OF THE TAX LAW AS CERTIFIED TO
THE COMMISSIONER. The department of public service  shall  estimate  the
payment  due  by  the  end  of  the calendar year in which the credit is
available. In no case shall the amount of the total annual contributions
for the years during which delivery and sale of  power  associated  with
all  power for jobs phases and any extensions thereof takes place exceed
the aggregate total of  four  hundred  [forty-nine]  SIXTY-NINE  million
dollars.
  S  8. This act shall take effect immediately; provided that the amend-
ments to sections 183 and 189 of the economic development law,  subdivi-
sion 9 of section 186-a of the tax law and subparagraph 2 of paragraph g
of  the  ninth  undesignated  paragraph  of  section  1005 of the public
authorities law, made by sections one, two, three,  five  and  seven  of
this  act,  shall not affect the expiration or repeal of such provisions
and shall be deemed repealed therewith.

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Senate Bill S5860

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Sponsored By

Darrel J. Aubertine