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Assembly Bill A8621

2017-2018 Legislative Session

Relates to reductions of payments in lieu of taxes

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Archive: Last Bill Status - In Assembly Committee

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2017-A8621 (ACTIVE) - Details

See Senate Version of this Bill:
S1260
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 3-A §370, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9577, S5872
2013-2014: A1866, S1488
2015-2016: A2031, S453
2019-2020: A146, S1914
2021-2022: A6050, S950

2017-A8621 (ACTIVE) - Summary

Relates to reductions of payments in lieu of taxes; provides that where such payment agreement is to be reduced due to a reassessment of the parcel of real property such agreement is related to, such reduction shall be phased in over 10 years if the reduction would negatively affect the revenues of a local government by more than 5%.

2017-A8621 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8621
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             September 1, 2017
                                ___________
 
 Introduced by M. of A. D'URSO -- read once and referred to the Committee
   on Real Property Taxation
 
 AN  ACT  to  amend  the real property tax law, in relation to payment in
   lieu of taxes agreements
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. The real property tax law is amended by adding a new arti-
 cle 3-A to read as follows:
                                ARTICLE 3-A
                    PAYMENT IN LIEU OF TAXES AGREEMENTS
 SECTION 370. PAYMENT IN LIEU OF TAXES AGREEMENTS.
   § 370. PAYMENT IN LIEU OF TAXES AGREEMENTS. 1.  FOR  THE  PURPOSES  OF
 THIS SECTION:
   (A) "LOCAL GOVERNMENT" SHALL MEAN ANY MUNICIPAL CORPORATION AS DEFINED
 PURSUANT  TO  SECTION  TWO  OF  THE  GENERAL MUNICIPAL LAW OR ANY SCHOOL
 DISTRICT OR BOARD OF COOPERATIVE EDUCATIONAL SERVICES.
   (B) "PAYMENT IN LIEU OF TAXES AGREEMENT" OR  "PILOT  AGREEMENT"  SHALL
 MEAN  AN  AGREEMENT  ENTERED INTO BETWEEN A LOCAL GOVERNMENT AND ANOTHER
 PARTY WHEREBY SUCH OTHER PARTY COMPENSATES  SUCH  LOCAL  GOVERNMENT  FOR
 SOME  OR  ALL  OF  THE  TAX REVENUE LOST DUE TO THE NATURE OF THE USE OR
 OWNERSHIP OF A PARCEL OF REAL PROPERTY BY SUCH OTHER PARTY.  THE  AMOUNT
 OF  SUCH  PAYMENT  IN  LIEU  OF  TAXES IS BASED ON AN ASSESSMENT OF SUCH
 PARCEL OF REAL PROPERTY.
   2. IF THE AMOUNT OF ANY PAYMENT IN LIEU OF TAXES IS REDUCED, DUE TO  A
 REASSESSMENT  OF  THE  PARCEL OF REAL PROPERTY SUCH AGREEMENT IS RELATED
 TO, AND SUCH REDUCTION WOULD NEGATIVELY IMPACT THE TOTAL REVENUE OF  ANY
 LOCAL  GOVERNMENT  BY MORE THAN FIVE PERCENT, SUCH REDUCTION IN PAYMENTS
 IN LIEU OF TAXES SHALL BE PHASED IN OVER A TEN YEAR PERIOD.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05988-01-7

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