Bill > S08640

This bill authorizes funding to local government entities from the urban development corporation through the electric generation facility cessation mitigation fund for an additional three years, extending the program from 7 to 10 years. The bill provides assistance to local governments that have experienced at least a 20% reduction in real property tax collections or payments in lieu of taxes due to the closure of an electric generating facility within their jurisdiction. The funding provides up to 80% of the lost revenue in the first year, decreasing by 10% each subsequent year, for a total of 10 annual payments. The program is on a first-come, first-served basis, and local governments must submit an attestation to the Department of Public Service confirming the facility has ceased operations before receiving assistance.