Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to finance returned to senate died in assembly |
May 16, 2011 |
referred to real property taxation delivered to assembly passed senate ordered to third reading cal.673 reported and committed to rules |
May 12, 2011 |
referred to finance |
Senate Bill S5367
2011-2012 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Finance 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
Actions
Votes
2011-S5367 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §§489-aaaaaa, 489-dddddd & 489-eeeeee, RPT L; amd §§11-268, 11-271 & 11-272, NYC Ad Cd
2011-S5367 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5367 TITLE OF BILL: An act to amend the real property tax law and the administrative code of the city of New York, in relation to applications for tax abatements for industrial and construction work on properties in a city of one million or more persons and to tax abatements for certain energy generating facilities in such city PURPOSE OR GENERAL IDEA OF BILL: This bill would extend the Industrial and Commercial Abatement Program (ICAP) to March 1, 2015, restore electric generating facilities to the tax abatement program, and would forestall a rate increase on electricity rates paid by the residents and businesses of the City of New York. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill lists legislative findings that electric generating facilities are no longer eligible for as-of-right benefits under the ICAP program resulting in greatly reduced investments in new generating facilities within New York City. In addition, due to a recent Federal Energy Regulatory Commission (FERC) ruling, the exclusion of energy generating facilities from ICAP is likely to result in significant rate increases in New York City beginning in the summer of 2011.
2011-S5367 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5367 2011-2012 Regular Sessions I N S E N A T E May 12, 2011 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to applications for tax abatements for industrial and construction work on properties in a city of one million or more persons and to tax abatements for certain energy generating facilities in such city THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings. The legislature hereby finds that the New York city industrial and commercial incentive program granted, as of right, reductions in real property taxes to new industrial and commer- cial projects, including power plants. That program lapsed in 2008 and its successor, the industrial and commercial abatement program, enacted by chapter 119 of the laws of 2008, did not provide for tax abatements for new generating facilities in New York city. In August 2010 the board of directors of the New York city industrial development agency revised its uniform tax exemption policy to provide a discretionary tax abate- ment program, and other benefits, for certain electric generating facil- ities. However, the tax benefits of the program were not recognized by the federal energy regulatory commission in setting the installed capac- ity demand curves for the City of New York for 2011/2012, 2012/2013 and 2013/2014, potentially resulting in a significant increase in the level of the demand curves and corresponding capacity prices paid by customers in the city of New York. The legislature further finds that it is the best interest of customers to prevent such impacts by amending the real property tax law for the purpose of making electric generating facili- ties eligible for benefits, as of right, under the industrial and commercial abatement program. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11617-02-1 S. 5367 2
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