NY State Senate Bill 2009-S5907

Senate Bill S5907

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 18, 2009	referred to rules

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2009-S5907 (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 §11, Chap 645 of 2006; amd §186-a, Tax L; amd §1005, Pub Auth L

2009-S5907 (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-S5907 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5907

 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 :

The purpose of the bill is to: (1) extend for one year 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 Sate Economic Development Power Allocation Board
(EDPAB); and (2) authorize the reallocation of relinquished and
withdrawn benefits to eligible customers under the PFJ and ECSB
programs.

 SUMMARY OF PROVISIONS :

Section one of the bill amends the Economic Development Law (EDL) §
186(h)(2) and (4) to:  (1) extend, from June 30, 2009 to June 30,
2010, the period during which 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 § 189(a)(5)(f) and (1) to: (1)
extend, from June 30, 2009 to June 30, 2010, the period during which
recipients of program benefits may choose to receive and electricity
savings reimbursement; 2) extend, from June 30, 2009 to June 30, 2010,
the period during which 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 June 30, 2010; (3)
authorize the EDPAB to expedite the awarding of reimbursements and
contract extensions and defer the review of 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 fate of Chapter 316 of the
Laws of 1997, which created the PFJ program.

Section 5 of the bill amends Tax Law § 186-a to extend, through and
including 2010, the taxable periods through which a utility that
delivers power under the PFJ program is allowed a tax credit.

Section 6 of the bill amends section 7 of Chapter 645 of the Laws of
2006 to extend from June 30, 2009 to June 30, 2010, the effective date
of certain reporting requirements made applicable to NYPA by Chapter
645.

Section 7 of the bill amend Public Authorities Law § 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 §
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 8 of the bill provides for an effective date of7 days after it
shall have become law.

 EXISTING LAW :

Current law will expire on June 30, 2009.

 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 for an additional year, the bill would ensure that eligible
businesses will continue to receive benefits from the PFJ and ECSB
programs for an additional year. In addition, the bill would authorize
PFJ allocations and ECSB 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.

Finally, 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 Ch. 89 of L. 2007 under similar circumstances.

 LEGISLATIVE HISTORY :

New bill. Similar legislation has extended the PFJ and ECSB programs
in previous years. See, e.g., Ch. 645 of L. 2006; Ch. 89 of L. 2007;
and Ch. 59 of L. 2008 (Part Y)

 FISCAL IMPLICATIONS :

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.

 LOCAL FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
7 days after it shall have become law.

2009-S5907 (ACTIVE) - Bill Text download pdf

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

                                  5907

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              June 18, 2009
                               ___________

Introduced  by Sens. NOZZOLIO, GRIFFO, MAZIARZ -- 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, two thousand  [nine]  TEN  eligible  busi-
nesses  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 distribution of electric power that
were authorized to be served  by  the  authority  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,  two  thousand [nine] TEN.  Provided, however, that the
total amount of megawatts of replacement and preservation  power  which,
due to the extension of the energy cost savings benefits, are not relin-
quished  by  or  withdrawn from a recipient shall be deemed to be relin-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14380-01-9

S. 5907                             2

quished or withdrawn for purposes of  offering  such  megawatts  by  the
authority  for  reallocation 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  avail-
able  authority  resources as deemed feasible and advisable by the trus-
tees pursuant to section seven of part U of chapter  fifty-nine  of  the
laws of two thousand 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 thir-
tieth,  two thousand [nine] TEN.  The "basic reimbursement" is an amount
that when credited against the recipient's actual "unit  cost  of  elec-
tricity"  during  a quarter (meaning the cost for commodity and delivery
per kilowatt-hour for the quantity of electricity purchased  and  deliv-
ered  under  the  power  for jobs program during a similar period in the
final year of the recipient's contract), results in  an  effective  unit
cost of electricity during the quarter equal to the average 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. 5907                             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,  two  thousand [nine] TEN.   Notwithstanding any provision of
law to the contrary, and, in particular, 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  allo-
cated  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 expi-
ration, pending the filing and approval of an application by such recip-
ient for an allocation 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 author-
ity  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, two thousand [nine] TEN.
  (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
compliance  with  and  agrees  to continue to meet the job retention and

S. 5907                             4

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, two thousand [nine]  TEN.  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 RELINQUISHED 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  CUSTOM-
ERS  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, [2009] 2010.
  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] TEN, any utility which deliv-
ers 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
power in the absence of such purchase. For the purposes of this subdivi-

S. 5907                             5

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. 5907                             6

that  section seven of this act shall expire and be deemed repealed June
30, [2009] 2010.
  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. 5907                             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 on the seventh day after it shall have
become  a  law;  provided that the amendments to sections 183 and 189 of
the economic development law, subdivision 9 of section 186-a of the  tax
law  and  subparagraph  2 of paragraph g of the ninth undesignated para-
graph of section 1005 of the public authorities law,  made  by  sections
one,  two, three, five and seven of this act, shall not affect the expi-
ration or repeal of such provisions and shall be deemed repealed  there-
with.

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Senate Bill S5907

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Sponsored By

Michael F. Nozzolio