Bill > A08956

This bill extends the timeframe for which local government entities can receive funding from the urban development corporation's electric generation facility cessation mitigation fund from 7 years to 10 years. The fund provides financial assistance to local governments that have experienced at least a 20% reduction in real property tax or payments in lieu of taxes due to the closure of an electric generating facility within their jurisdiction. The bill maintains the tiered structure for the award amounts, which decrease over the 10-year period.