S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8629
 
                             I N  S E N A T E
 
                             February 22, 2024
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the state finance law, in relation to enacting the  "AIM
   higher act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may be cited as the "AIM higher
 act".
   § 2. The state finance law is amended by adding a new section 54-n  to
 read as follows:
   §  54-N.  STATE AID TO OFFSET TAX EXEMPT LAND, AND CERTAIN HOUSING AND
 INFRASTRUCTURE COSTS. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "MUNICIPALITY" MEANS A COUNTY, TOWN, CITY OR  VILLAGE  LOCATED  IN
 THE STATE.
   (B) "DESIGNATED MUNICIPALITY" MEANS A MUNICIPALITY SELECTED TO RECEIVE
 STATE  AID  PURSUANT TO THE METHOD CREATED BY THE DIRECTOR OF THE BUDGET
 PURSUANT TO PARAGRAPH (B) OF SUBDIVISION THREE OF THIS SECTION.
   (C) "TAX EXEMPT LAND" MEANS REAL PROPERTY THAT  IS  EXEMPT  FROM  REAL
 PROPERTY  TAXATION  UNDER THE LAWS OF THE STATE BECAUSE IT IS OWNED BY A
 NOT-FOR-PROFIT ENTITY, BY A MUNICIPALITY, OR BY  THE  STATE  OR  FEDERAL
 GOVERNMENT.
   2.  NOTWITHSTANDING ANY INCONSISTENT PROVISION OF LAW TO THE CONTRARY,
 BEGINNING WITH THE STATE FISCAL YEAR COMMENCING ON THE  FIRST  OF  APRIL
 NEXT  SUCCEEDING  THE  EFFECTIVE  DATE  OF THIS SECTION, AND THEREAFTER,
 WITHIN THE AMOUNTS APPROPRIATED THEREFOR, EACH  DESIGNATED  MUNICIPALITY
 SHALL  RECEIVE AID ACCORDING TO THE FORMULA DEVELOPED BY THE DIRECTOR OF
 THE BUDGET PURSUANT TO  PARAGRAPH  (A)  OF  SUBDIVISION  THREE  OF  THIS
 SECTION.
   3.  (A)  THE  DIRECTOR OF THE BUDGET SHALL ESTABLISH, BY RULE OR REGU-
 LATION, A FORMULA TO CALCULATE THE AMOUNT OF AID  MADE  AVAILABLE  TO  A
 DESIGNATED MUNICIPALITY TO OFFSET:
   (I)  THE  ESTIMATED  INCOME  LOSS  RESULTING  FROM ANY TAX EXEMPT LAND
 LOCATED IN SUCH MUNICIPALITY;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14379-02-4
 S. 8629                             2
 
   (II) ANY COSTS OR EXPENSES INCURRED FROM SUCH  MUNICIPALITY'S  PARTIC-
 IPATION IN THE PRO-HOUSING COMMUNITIES PROGRAM CREATED PURSUANT TO EXEC-
 UTIVE ORDER THIRTY OF TWO THOUSAND TWENTY-THREE; AND/OR
   (III)  THE ESTIMATED COSTS OF ANY INFRASTRUCTURE NEEDS OF SUCH MUNICI-
 PALITY.
   (B) THE DIRECTOR OF THE BUDGET SHALL ESTABLISH, BY RULE OR REGULATION,
 A METHOD FOR SELECTING DESIGNATED MUNICIPALITIES TO  RECEIVE  STATE  AID
 PURSUANT  TO THIS SECTION, FOR EACH STATE FISCAL YEAR BEGINNING WITH THE
 STATE FISCAL YEAR COMMENCING ON THE FIRST OF APRIL NEXT  SUCCEEDING  THE
 EFFECTIVE DATE OF THIS SECTION, AND THEREAFTER, TAKING INTO ACCOUNT EACH
 MUNICIPALITY'S  RELATIVE  NEED FOR SUCH STATE AID FOR THE PURPOSES UNDER
 SUBPARAGRAPHS (I), (II) AND (III) OF PARAGRAPH (A) OF THIS SUBDIVISION.
   4. THE PROVISIONS OF THIS SECTION SHALL NOT REDUCE ANY STATE  AID  AND
 INCENTIVES  FOR  ANY MUNICIPALITY OTHERWISE PROVIDED UNDER THIS ARTICLE,
 BELOW THE AMOUNT RECEIVED BY SUCH MUNICIPALITY IN THE PRIOR YEAR.
   5. PAYMENTS MADE PURSUANT TO THIS SECTION SHALL BE MADE ON  OR  BEFORE
 JULY FIRST OF EACH YEAR.
   § 3. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.