|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 13, 2021||referred to local government|
senate Bill S1541
Current Bill Status - In Senate Committee Local Government Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1541 (ACTIVE) - Details
S1541 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1541 SPONSOR: KAMINSKY TITLE OF BILL: An act to amend the general municipal law, in relation to requiring an assessment of the direct and indirect property tax impact before award- ing financial assistance PURPOSE: To provide greater transparency and accountability in Industrial Devel- opment Agency financial assistance by requiring IDAs to include an esti- mation of direct and indirect property tax impacts of any tax exemptions in the agency's written cost-benefit analysis for a major project. SUMMARY OF PROVISIONS: Section 1 amends General Municipal Law § 859-a(5)(b) to require Indus- trial Development Agencies to include the estimated direct and indirect property tax impact of any tax exemptions, including the indirect impact
S1541 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1541 2021-2022 Regular Sessions I N S E N A T E January 13, 2021 ___________ Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to requiring an assessment of the direct and indirect property tax impact before awarding financial assistance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 5 of section 859-a of the general municipal law, as added by chapter 563 of the laws of 2015, is amended to read as follows: (b) a written cost-benefit analysis by the agency that identifies the extent to which a project will create or retain permanent, private sector jobs; the estimated value of any tax exemptions to be provided; THE ESTIMATED DIRECT AND INDIRECT PROPERTY TAX IMPACT OF ANY TAX EXEMPTIONS, INCLUDING THE INDIRECT IMPACT TO ENTITIES BENEFITING FROM REVENUES DERIVED FROM PAYMENTS IN LIEU OF TAXES; the amount of private sector investment generated or likely to be generated by the proposed project; the likelihood of accomplishing the proposed project in a time- ly fashion; and the extent to which the proposed project will provide additional sources of revenue for municipalities and school districts; and any other public benefits that might occur as a result of the project; § 2. Section 859-a of the general municipal law is amended by adding a new subdivision 3-a to read as follows: 3-A. THE AGENCY MUST PROVIDE WRITTEN NOTICE OF THE PROJECT TO ANY PERSON OR ENTITY WHO MAY BE IMPACTED BY SUCH PROJECT DUE TO THE ESTI- MATED DIRECT AND INDIRECT PROPERTY TAX IMPACT OF ANY TAX EXEMPTIONS, INCLUDING THE INDIRECT IMPACT TO ENTITIES BENEFITTING FROM REVENUES DERIVED FROM PAYMENTS IN LIEU OF TAXES. SUCH NOTICE MUST CONTAIN A GENERAL, FUNCTIONAL DESCRIPTION OF THE PROJECT, DESCRIBE THE PROSPECTIVE LOCATION OF THE PROJECT, IDENTIFY THE INITIAL OWNER, OPERATOR OR MANAGER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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