Senate Bill S7784

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

                                  7784

                            I N  S E N A T E

                              June 18, 2012
                               ___________

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

AN ACT to amend the state finance law, in relation to  establishing  the
  repowering and local mitigation fund

  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
92-gg to read as follows:
  S  92-GG.  REPOWERING  AND  LOCAL  MITIGATION FUND. 1. THERE IS HEREBY
ESTABLISHED IN THE JOINT  CUSTODY  OF  THE  STATE  COMPTROLLER  AND  THE
COMMISSIONER OF THE DEPARTMENT OF TAXATION AND FINANCE A SPECIAL FUND TO
BE KNOWN AS THE "REPOWERING AND LOCAL MITIGATION FUND".
  2.  SUCH  FUND SHALL CONSIST OF MONEYS CREDITED OR TRANSFERRED WITHOUT
APPROPRIATION THERETO OVER AND ABOVE A BASE LEVEL PURSUANT TO THE STAND-
ARDS CONTROLLING CHAPTER ELEVEN OF TITLE  TWENTY-ONE  OF  THE  NEW  YORK
STATE CODES, RULES AND REGULATIONS.
  3.  MONEYS OF THE REPOWERING AND LOCAL MITIGATION FUND SHALL BE AVAIL-
ABLE, IN ORDER OF PRIORITY, FOR:
  (A) THE PARTIAL REIMBURSEMENT, FOR A  PERIOD  OF  NO  MORE  THAN  FOUR
CONSECUTIVE  TAXING  YEARS,  AT A RATE OF A MAXIMUM OF EIGHTY PERCENT OF
SUCH LOSS IN YEAR ONE, A MAXIMUM OF SIXTY PERCENT OF SUCH LOSS  IN  YEAR
TWO,  A  MAXIMUM OF FORTY PERCENT IN YEAR THREE, AND A MAXIMUM OF TWENTY
PERCENT OF SUCH LOSS IN YEAR FOUR OF EACH ELIGIBLE  CONSECUTIVE  TAXABLE
YEAR,  OF A MUNICIPAL GOVERNMENT AS THE RESULT OF A LOSS OF PROPERTY TAX
RECEIPTS, INCLUDING, FOR THE PURPOSES OF THIS CLAUSE, PAYMENTS  IN  LIEU
OF TAXES, RESULTING FROM A REDUCTION OF COMPLIANCE ACCOUNTS EMISSIONS TO
ZERO  PURSUANT  TO GUIDELINES IN PART TWO HUNDRED FORTY-TWO OF TITLE SIX
OF THE NEW YORK STATE CODES, RULES AND REGULATIONS FOR A TAXPAYER PREVI-
OUSLY GENERATING COMPLIANCE ACCOUNT EMISSIONS IF SUCH  TAXPAYER'S  ELEC-
TRIC  GENERATING  PROPERTY,  WITHIN TWO YEARS PRIOR OF SUCH REDUCTION TO
ZERO, IS ASSESSED AT LEAST TEN PERCENT OF THE TOTAL  ASSESSED  VALUE  OF
TAXABLE  PROPERTY  FOR SUCH MUNICIPAL GOVERNMENT; PROVIDED FURTHER, THAT
NO REIMBURSEMENT SHALL BE MADE IF, IN A MUNICIPAL TAX YEAR,  THE  AGGRE-
GATE  AMOUNT  PAID TO A MUNICIPAL GOVERNMENT BY THE OWNER OF AN ELECTRIC

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

                                                           LBD16342-01-2

S. 7784                             2

GENERATING FACILITY STATION INCLUDING, BUT NOT LIMITED TO,  PAYMENTS  IN
LIEU  OF  TAXES  AND PROPERTY TAXES, EXCEED THE AGGREGATE AMOUNT PAID TO
THAT MUNICIPALITY BY THAT OWNER IN THE YEAR ON OR BEFORE SUCH COMPLIANCE
ACCOUNT EMISSIONS REACHED ZERO;
  (B) THE PROVISION OF A FISCAL INCENTIVE TO ENCOURAGE THE REPOWERING OF
A  GENERATING  FACILITY PURSUANT TO AN APPLICATION CONSISTENT WITH PARA-
GRAPH (B) OF SUBDIVISION FOUR OF SECTION ONE HUNDRED SIXTY-FIVE  OF  THE
PUBLIC SERVICE LAW IF, IN ANY STATE FISCAL YEAR, THE MONEYS AVAILABLE IN
THE  REPOWERING AND LOCAL MITIGATION FUND EXCEED THE PAYMENTS AUTHORIZED
IN PARAGRAPH (A) OF THIS SUBDIVISION.
  4. MONEYS IN THE FUND SHALL BE KEPT SEPARATELY FROM AND SHALL  NOT  BE
COMMINGLED  WITH  ANY  OTHER  MONEYS  IN  THE CUSTODY OF THE STATE COMP-
TROLLER.
  5. ALL PAYMENTS OF MONEYS FROM THE FUND SHALL BE MADE ON THE AUDIT AND
THE WARRANT OF THE COMPTROLLER.
  S 2. This act shall take effect immediately.