senate Bill S2502

2011-2012 Legislative Session

Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 02, 2012 referred to ways and means
delivered to assembly
passed senate
Apr 30, 2012 advanced to third reading
Apr 26, 2012 2nd report cal.
Apr 25, 2012 1st report cal.578
Jan 04, 2012 referred to finance
Jan 24, 2011 referred to finance

Votes

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S2502 - Details

See Assembly Version of this Bill:
A5504
Current Committee:
Law Section:
State Finance Law
Laws Affected:
Add ยง54-m, St Fin L
Versions Introduced in 2009-2010 Legislative Session:
S4210, A9137

S2502 - Summary

Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination.

S2502 - Sponsor Memo

S2502 - Bill Text download pdf

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

                                  2502

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 24, 2011
                               ___________

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

AN ACT to amend the state finance law, in relation  to  providing  state
  reimbursement  for lost tax revenue due to devaluation of land subject
  to toxic contamination

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

  Section  1.  The  state finance law is amended by adding a new section
54-m to read as follows:
  S 54-M. REIMBURSEMENT FOR LOST TAX REVENUE DUE TO TOXIC CONTAMINATION.
1. AS USED IN THIS SECTION, "MUNICIPALITY" SHALL MEAN ANY CITY, VILLAGE,
TOWN OR FIRE DISTRICT LOCATED IN THE COUNTY OF RENSSELAER.
  2. ANY MUNICIPALITY SUBJECT TO CONTAMINATION EITHER DIRECTLY OR  INDI-
RECTLY  FROM  THE  STATE HAZARDOUS WASTE SITE KNOWN AS THE DEWEY LOEFFEL
LANDFILL, THAT HAS REDUCED ITS TAX LEVY ON PROPERTIES AFFECTED  BY  SUCH
HAZARDOUS  WASTE  SITE, SHALL BE ELIGIBLE FOR REIMBURSEMENT OF SUCH LOST
TAX REVENUE BY THE STATE. FOR PURPOSES OF THIS SECTION, "LOST TAX REVEN-
UE" SHALL MEAN THE DIFFERENCE BETWEEN THE ACTUAL VALUATION OF SUCH  REAL
PROPERTY  AND  THE REDUCED ASSESSED VALUE DUE TO CONTAMINATION AS CERTI-
FIED BY THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY IN WHICH SUCH PROP-
ERTIES ARE LOCATED.
  3. SUCH REIMBURSEMENT SHALL  BE  MADE  ANNUALLY  TO  THE  MUNICIPALITY
FOLLOWING APPLICATION BY THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY TO
THE COMPTROLLER IN A MANNER APPROVED AND PRESCRIBED BY THE COMPTROLLER.
  4.  SUCH SYSTEM OF REIMBURSEMENT SHALL CONTINUE UNTIL SUCH TIME AS THE
DEWEY LOEFFEL LANDFILL HAS BEEN REMOVED  FROM  THE  INVENTORY  OF  STATE
HAZARDOUS WASTE SITES.
  S  2. This act shall take effect on the first of April next succeeding
the date on which it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01432-01-1

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