NY State Senate Bill 2015-S5501

Senate Bill S5501

Signed By Governor

2015-2016 Legislative Session

Authorizes the Ballston Spa Central School District to establish a semiconductor manufacturing tax stabilization reserve fund

download bill text pdf

Archive: Last Bill Status - Signed by Governor

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Nov 20, 2015	signed chap.506
Nov 10, 2015	delivered to governor
Jun 17, 2015	returned to senate passed assembly ordered to third reading rules cal.476 substituted for a7622b
Jun 16, 2015	referred to ways and means delivered to assembly passed senate
Jun 11, 2015	amended on third reading 5501a
Jun 10, 2015	ordered to third reading cal.1470 committee discharged and committed to rules
May 14, 2015	referred to local government

Votes

- Jun 16, 2015 - Floor Vote
  S5501
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 16, 2015
      
      aye (63)
      
      Addabbo Jr.
      
      Amedore
      
      Avella
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Libous
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Montgomery
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Ortt
      
      Panepinto
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Skelos
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Venditto
      
      Young
  Jun 10, 2015 - Rules Committee Vote
  S5501
  
  23
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 10, 2015
      
      aye (23)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Dilan
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Hassell-Thompson
      
      LaValle
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Seward
      
      Skelos
      
      Stewart-Cousins
      
      Valesky
      
      Young
      
      aye wr (1)
      
      Krueger
      
      excused (1)
      
      Perkins

Bill Amendments

Original

A (Active)

2015-S5501 - Details

Law Section:: General Municipal
Versions Introduced in 2015-2016 Legislative Session:: S5501

2015-S5501 - Summary

Authorizes the Ballston Spa Central School District to establish a semiconductor manufacturing tax stabilization reserve fund.

2015-S5501 - Sponsor Memo

                                BILL NUMBER:S5501

TITLE OF BILL:

An act to establish a semiconductor manufacturing tax stabilization
reserve fund in the Ballston Spa Central School District to lessen or
prevent increases in the school district's real property tax levy

PURPOSE OF THE BILL:

To authorize the Ballston Spa Central School District to establish,
subject to voter approval, a real property tax stabilization fund out
of a portion of the proceeds of a payment in lieu of taxes (PILOT)
agreement with the Global Foundries semiconductor manufacturing
facility.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill sets forth the legislative findings.

Section 2 of the bill sets forth definitions for terms used in this
act.

Section 3 of the bill authorizes the Board of Education of the
Ballston Spa Central School District to establish a semiconductor
manufacturing tax stabilization reserve fund to lessen or prevent

increases in the District's real property tax levy resulting from
decreases in the amount of, or termination of, the payments in lieu of
taxes receivable by the District. Such fund may only be established
upon approval of a majority of the voters of the District on a
separate ballot proposition conducted in accordance with the
provisions of Article 41 of the Education Law.

The Board may determine that there shall be paid into the Fund all or
any portion of the amount by which the PILOT payments to the District
for each fiscal year is greater than the amount of such payments for
the previous fiscal year, provided that no payment into the fund
causes the total balance of the fund to exceed the amount approved in
the District referendum.

In any fiscal year in which the PILOT payments to the District are
less than the amount of such payments received in the preceding fiscal
year, or where the District does not anticipate any payment, the Board
may authorize a withdrawal from the Fund in an amount not to exceed
the difference in payments between the two years Additionally, moneys
may be withdrawn for any other lawful purpose, subject to voter
approval pursuant to the provisions of Article 41 of the Education
Law. Deposits and withdrawals from the fund shall be subject to the
district's annual budget approval process.

Sections 4 and 5 of the bill relate to the computation of the school
district's tax levy limit. Section 5 states that the provisions of
Section 4 of the bill shall apply only if the PILOT agreement results
in PILOT payments which are equal to or greater than 20% of the
district's tax levy in two or more taxable years. If the PILOT
agreement has such a significant impact, then Section 4 provides that,
when computing the District's tax levy limit for a school year, the


PILOT payments received shall be decreased by any amount paid into the
Fund for the prior school year and increased by any amount withdrawn
from the Fund in the prior school year. Similarly, in any year that a
portion of the PILOT payments are added or removed from the Fund, that
change will be reflected in the tax levy limit calculation.

JUSTIFICATION:

The Global Foundries semiconductor manufacturing facility has proven
to be a significant economic contributor to the Capital Region
generally, and the Towns of Malta, Ballston and Stillwater
specifically. Due to its disproportionate impact on local taxing
jurisdictions, the facility has entered into PILOT agreements with
each taxing jurisdiction. The largest impact, by far, is on the tax
base of the Ballston Spa Central School District.

The existing PILOT Agreement reflects the very nature of the
semiconductor industry, resulting in the establishment of a payment
schedule for the District which has a steep upward trajectory followed
by a steady, and comparatively rapid, annual decrease in PILOT
payments. While this clearly represents a significant short-term
benefit for the District's taxpayers, it is the fiduciary duty of the
School Board to develop a strategy for long-term fiscal stability as
the PILOT runs its course. This will be even more significant
depending on any future expansions of the facility.

The most well-established vehicle for executing this type of fiscal
discipline is the creation of a tax stabilization reserve fund.
However, a special fund of this nature can only be established by the
Legislature.

There is significant precedent for this approach. Chapter 202 of the
Laws of 2001 established a nuclear energy facility tax stabilization
fund for the taxing communities in Westchester, Onondaga and Oswego
counties where the PILOT payments of nuclear power plants can dominate
the tax base. As a result of this enabling legislation, the Hendrick
Hudson School District (Westchester County) immediately established a
tax stabilization reserve fund to help manage the PILOT payments over
time. In a 2013 audit of that school district, the State Comptroller
reviewed their use of the fund and concluded:

"District officials have taken appropriate actions to manage the
District's financial condition They recognized the need to be
proactive in budget development and expenditure controls We commend
District officials for their progressive involvement in managing the
District's financial condition. As a result, the District's financial
position has remained strong."

The PILOT payments of the semiconductor manufacturing facility have
the same, if not greater impact on the Ballston Spa CSD as the Indian
Point nuclear facility has on the Hendrick Hudson CSD. The School
Board in Ballston Spa is looking for the same opportunity to exercise
sound fiduciary oversight as was provided to the several communities
hosting nuclear facilities. The existence of the two-percent tax cap
makes it even more imperative that sound fiscal policy be employed
here. Moreover, the establishment of a tax stabilization fund in this
case, unlike that in Hendrick Hudson, will be subject to a voter


referendum. Failure to act will subject the district taxpayers to
potentially devastating fiscal uncertainty.

PRIOR LEGISLATIVE HISTORY:

Similar to S.6833A of 2014 - passed Senate

FISCAL IMPLICATIONS:

None to the State, while providing stability for the taxpayers of the
Ballston Spa Central School District

EFFECTIVE DATE:

This act shall take effect immediately, and shall be deemed to have
been in full force and effect on and after May 19, 2015.

2015-S5501 - Bill Text download pdf

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

                                  5501

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to establish  a  semiconductor  manufacturing  tax  stabilization
  reserve  fund in the Ballston Spa Central School District to lessen or
  prevent increases in the school district's real property tax levy

  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
private  development  and  ownership  of  a  semiconductor manufacturing
project or projects located  within  the  Ballston  Spa  Central  School
District may result in instability in the real property tax base and the
budgets  of  the district due to the uncertainty with the assessments of
such semiconductor manufacturing project or projects and the variability
of the payments in lieu of taxes prior to and  at  termination  of  such
payments.
  S 2. Definitions. As used in this act:
  (a)  "Board  of  education" or "board" means the board of education of
the Ballston Spa Central School District.
  (b) "Semiconductor manufacturing tax stabilization  reserve  fund"  or
"fund"  means  the semiconductor manufacturing tax stabilization reserve
fund established pursuant to this act.
  (c) "Payments in lieu of taxes" or "payments" means payments  in  lieu
of taxes receivable by the school district pursuant to contracts entered
into  in  accordance  with section 412-a of the real property tax law or
section 858 of the general municipal law on any  semiconductor  manufac-
turing  project or projects located wholly or partially within the Ball-
ston Spa Central School District.
  (d) "School district" or "district" means  the  Ballston  Spa  Central
School District.
  (e) "Semiconductor manufacturing project or projects" shall be defined
as  in  section 412-a of the real property tax law and shall include the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11059-02-5

S. 5501                             2

land upon which the project is located, buildings for use in  the  manu-
facturing  of  semiconductors, associated buildings, and the acquisition
and installation therein of certain machinery and equipment.
  S  3.  Semiconductor manufacturing tax stabilization reserve fund. The
board of education is hereby authorized to establish a tax stabilization
reserve fund to lessen or prevent increases  in  the  school  district's
real property tax levy resulting from decreases in revenue due to chang-
es  in the amount of or termination of payments in lieu of taxes receiv-
able by the school district provided, however, that no such  fund  shall
be  established  unless  approved  by  a  majority vote of the qualified
voters of the district present and voting on a separate ballot  proposi-
tion  therefor  at  either a special district meeting which the board of
education may call for such purposes, or at the annual district  meeting
and  election,  to be noticed and conducted in either case in accordance
with the provisions of article 41 of the education law. Moneys shall  be
paid  into  and  withdrawn from the fund, and the fund shall be adminis-
tered, as follows:
  (a) For any school district fiscal year commencing after the effective
date of this act and after the establishment of the semiconductor  manu-
facturing  tax  stabilization  reserve  fund, the board of education may
determine that there shall be paid into the fund all or any  portion  of
the  amount  by  which  the  payments in lieu of taxes receivable by the
school district for such fiscal year is greater than the amount of  such
payments  received by the school district for the preceding fiscal year,
provided that no payment into the reserve fund shall cause  the  balance
of  the  fund  to  exceed  the  amount  approved in a ballot proposition
described above.
  (b) Moneys may be withdrawn from the semiconductor  manufacturing  tax
stabilization reserve fund subject to the following limitations:
  (1) For any fiscal year for which payments in lieu of taxes receivable
by  the  school  district  are  less  than  the  amount of such payments
received for the  immediately  preceding  fiscal  year,  or  the  school
district  does not anticipate receiving any payment, the board of educa-
tion may authorize a withdrawal from the fund in an amount not to exceed
the amount of the payments received for the immediately  preceding  year
less the amount of the payments receivable for the fiscal year for which
the budget and tax levy is being determined.
  (2) Notwithstanding paragraph one of this subdivision, and in addition
to any withdrawal from the fund authorized pursuant to this subdivision,
moneys may be withdrawn from the fund for any fiscal year to be expended
for any other lawful purpose, provided, however, that no such withdrawal
and  expenditure shall be made unless approved by a majority vote of the
qualified voters of the district present and voting on a separate ballot
proposition therefor at either a  special  district  meeting  which  the
board  of education may call for such purpose, or at the annual district
meeting and election, to be noticed and  conducted  in  either  case  in
accordance with the provisions of article 41 of the education law.
  (c)  The  moneys  in the semiconductor manufacturing tax stabilization
reserve fund shall be deposited,  invested  and  accounted  for  in  the
manner provided for in subdivisions 2 and 6 of section 3651, and section
3652 of the education law.
  (d)  Deposits to and withdrawals from the fund shall be disclosed in a
manner consistent with the required disclosures of similar reserve funds
held by the district, including disclosures required by the property tax
report card prepared by the  district  pursuant  to  the  provisions  of
subdivision  7  of  section  1716 of the education law; and deposits and

S. 5501                             3

withdrawals made in each fiscal year shall be subject to the  district's
annual budget approval process.
  S  4.  Subject  to section five of this act, when computing the school
district's tax levy limit for a school year pursuant to subdivision 3 of
section 2023-a of the education law:
  (a) The payments in lieu of taxes receivable for the prior school year
shall be decreased by any amount paid into the semiconductor manufactur-
ing tax stabilization reserve  fund  for  such  prior  school  year  and
increased  by  any  amount withdrawn from the fund for such prior school
year.
  (b) The payments in lieu of taxes receivable in the coming fiscal year
shall be decreased by the amount to be paid into the semiconductor manu-
facturing tax stabilization reserve fund for such coming fiscal year and
increased by any amount to be withdrawn from the semiconductor  manufac-
turing tax stabilization reserve fund for such coming fiscal year.
  S  5.  The  provisions of section four of this act shall apply only in
the case of an agreement for payments in lieu of taxes that results in a
pilot payment to the school district that is equal to  or  greater  than
twenty  percent  of the district's tax levy in two or more taxable years
of the agreement; provided however, once such threshold is met, it shall
apply to every taxable year under such agreement.
  S 6. This act shall take effect immediately, and shall  be  deemed  to
have been in full force and effect on and after May 19, 2015.

2015-S5501A (ACTIVE) - Details

Law Section:: General Municipal
Versions Introduced in 2015-2016 Legislative Session:: S5501

2015-S5501A (ACTIVE) - Summary

Authorizes the Ballston Spa Central School District to establish a semiconductor manufacturing tax stabilization reserve fund.

2015-S5501A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5501A

TITLE OF BILL:

An act to establish a semiconductor manufacturing tax stabilization
reserve fund in the Ballston Spa Central School District to lessen or
prevent increases in the school district's real property tax levy

PURPOSE OF THE BILL:

Authorizes the Ballston Spa Central School District to establish,
subject to voter approval, a real property tax stabilization fund out
of a portion of the proceeds of a payment in lieu of taxes (PILOT)
agreement with the Global Foundries semiconductor manufacturing
facility.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill sets forth the legislative findings.

Section 2 of the bill sets forth definitions for terms used in this
act.

Section 3 of the bill authorizes the Board of Education of the
Ballston Spa Central School District to establish a semiconductor
manufacturing tax stabilization reserve fund to lessen or prevent

increases in the District's real property tax levy resulting from
decreases in the amount of or termination of, the payments in lieu of
taxes receivable by the District. Such fund may only be established
upon approval of a majority of the voters of the District on a
separate ballot proposition conducted in accordance with the
provisions of Article 41 of the Education Law.

The Board may pay into the Fund all or any portion of the amount by
which the PILOT payments to the District for each fiscal year is
greater than the amount of such payments for the previous fiscal year,
provided that no payment into the fund causes the total balance of the
fund to exceed the amount approved in the District referendum.  Moneys
may be withdrawn from the fund for any lawful purpose, and the bill
provides for disclosure of any such withdrawals.

JUSTIFICATION:

The Global Foundries semiconductor manufacturing facility has proven
to be a significant economic contributor to the Capital Region
generally, and the Towns of Malta, Ballston and Stillwater
specifically. Due to its disproportionate impact on local taxing
jurisdictions, the facility has entered into PILOT agreements with
each taxing jurisdiction. The largest impact, by far, is on the tax
base of the Ballston Spa Central School District.

The existing PILOT Agreement reflects the very nature of the
semiconductor industry, resulting in the establishment of a payment
schedule for the District which has a steep upward trajectory followed
by a steady, and comparatively rapid, annual decrease in PILOT
payments While this clearly represents a significant short-term
benefit for the District's taxpayers, it is the fiduciary duty of the


School Board to develop a strategy for long-term fiscal stability as
the PILOT runs its course. This will be even more significant
depending on any future expansions of the facility.

The most well-established vehicle for executing this type of fiscal
discipline is the creation of a tax stabilization reserve fund.
However, a special fund of this nature can only be established by the
Legislature.

There is significant precedent for this approach. Chapter 202 of the
Laws of 2001 established a nuclear energy facility tax stabilization
fund for the taxing communities in Westchester, Onondaga and Oswego
counties where the PILOT payments of nuclear power plants can dominate
the tax base. As a result of this enabling legislation, the Hendrick
Hudson School District (Westchester County) immediately established a
tax stabilization reserve fund to help manage the PILOT payments over
time. In a 2013 audit of that school district, the State Comptroller
reviewed their use of the fund and concluded:

"District officials have taken appropriate actions to manage the
District's financial condition They recognized the need to be
proactive in budget development and expenditure controls We commend
District officials for their progressive involvement in managing the
District's financial condition As a result, the District's financial
position has remained strong."

The PILOT payments of the semiconductor manufacturing facility have
the same, if not greater impact on the Ballston Spa CSD as the Indian
Point nuclear facility has on the Hendrick Hudson CSD. The School
Board in Ballston Spa is looking for the same opportunity to exercise
sound fiduciary oversight as was provided to the several communities
hosting nuclear facilities. The existence of the two-percent tax cap
makes it even more imperative that sound fiscal policy be employed
here. Moreover, the establishment of a tax stabilization fund in this
case, unlike that in Hendrick Hudson, will be subject to a voter
referendum. Failure to act will subject the district taxpayers to
potentially devastating fiscal uncertainty.

PRIOR LEGISLATIVE HISTORY:

Similar to S.6833A of 2014 - passed Senate

FISCAL IMPLICATIONS:

None to the State, while providing stability for the taxpayers of the
Ballston Spa Central School District

EFFECTIVE DATE:

This act shall take effect immediately, and shall be deemed to have
been in full force and effect on and after May 19, 2015.

2015-S5501A (ACTIVE) - Bill Text download pdf

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

                                 5501--A
    Cal. No. 1470

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  committee discharged and said bill committed to the Committee on Rules
  --  ordered to a third reading, amended and ordered reprinted, retain-
  ing its place in the order of third reading

AN ACT to establish  a  semiconductor  manufacturing  tax  stabilization
  reserve  fund in the Ballston Spa Central School District to lessen or
  prevent increases in the school district's real property tax levy

  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
private  development  and  ownership  of  a  semiconductor manufacturing
project or projects located  within  the  Ballston  Spa  Central  School
District may result in instability in the real property tax base and the
budgets  of  the district due to the uncertainty with the assessments of
such semiconductor manufacturing project or projects and the variability
of the payments in lieu of taxes prior to and  at  termination  of  such
payments.
  S 2. Definitions. As used in this act:
  (a)  "Board  of  education" or "board" means the board of education of
the Ballston Spa Central School District.
  (b) "Semiconductor manufacturing tax stabilization  reserve  fund"  or
"fund"  means  the semiconductor manufacturing tax stabilization reserve
fund established pursuant to this act.
  (c) "Payments in lieu of taxes" or "payments" means payments  in  lieu
of taxes receivable by the school district pursuant to contracts entered
into  in  accordance  with section 412-a of the real property tax law or
section 858 of the general municipal law on any  semiconductor  manufac-
turing  project or projects located wholly or partially within the Ball-
ston Spa Central School District.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11059-07-5

S. 5501--A                          2

  (d) "School district" or "district" means  the  Ballston  Spa  Central
School District.
  (e) "Semiconductor manufacturing project or projects" shall be defined
as  in  section 412-a of the real property tax law and shall include the
land upon which the project is located, buildings for use in  the  manu-
facturing  of  semiconductors, associated buildings, and the acquisition
and installation therein of certain machinery and equipment.
  S 3. Semiconductor manufacturing tax stabilization reserve  fund.  The
board  of  education  is  hereby authorized to establish a semiconductor
manufacturing tax  stabilization  reserve  fund  to  lessen  or  prevent
increases in the school district's real property tax levy resulting from
decreases  in  revenue due to changes in the amount of or termination of
payments in lieu of taxes receivable by the  school  district  provided,
however,  that  no  such  fund shall be established unless approved by a
majority vote of the qualified voters of the district present and voting
on a separate ballot proposition therefor at either a  special  district
meeting  which  the board of education may call for such purposes, or at
the annual district meeting and election, to be noticed and conducted in
either case in accordance with the  provisions  of  article  41  of  the
education  law.  Moneys  shall be paid into and withdrawn from the fund,
and the fund shall be administered, as follows:
  (a) For any school district fiscal year commencing after the effective
date of this section and after the establishment  of  the  semiconductor
manufacturing tax stabilization reserve fund, the board of education may
determine  that  there shall be paid into the fund all or any portion of
the amount by which the payments in lieu  of  taxes  receivable  by  the
school  district for such fiscal year is greater than the amount of such
payments received by the school distinct for the preceding fiscal  year,
provided  that  no payment into the reserve fund shall cause the balance
of the fund to exceed  the  amount  approved  in  a  ballot  proposition
described above.
  (b)  Moneys  may be withdrawn from the semiconductor manufacturing tax
stabilization reserve fund for any fiscal year to be  expended  for  any
lawful  purpose.    Withdrawals  from  the  fund shall be disclosed in a
manner consistent with the required disclosures of similar reserve funds
held by the district, including disclosures required by the property tax
report card prepared by the  district  pursuant  to  the  provisions  of
subdivision  7  of  section  1716 of the education law; and deposits and
withdrawals made in each fiscal year shall be subject to the  district's
annual budget approval process.
  (c)  The  moneys  in the semiconductor manufacturing tax stabilization
reserve fund shall be deposited,  invested  and  accounted  for  in  the
manner  provided for in subdivisions 2 and 6 of section 3651 and section
3652 of the education law.
  S 4. This act shall take effect immediately, and shall  be  deemed  to
have been in full force and effect on and after May 19, 2015.

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