S T A T E O F N E W Y O R K
________________________________________________________________________
3095
2013-2014 Regular Sessions
I N A S S E M B L Y
January 23, 2013
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Introduced by M. of A. LAVINE -- read once and referred to the Committee
on Ways and Means
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06449-01-3
A. 3095 2
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
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.