Bill > S00649

This bill extends financial support for local government entities that have experienced significant tax revenue losses due to the closure of electric generating facilities. Specifically, the bill amends existing law to increase the number of years local governments can receive assistance from the Urban Development Corporation's electric generation facility cessation mitigation fund from seven to ten years. Under this program, local government entities (including counties, cities, towns, villages, school districts, and special districts) can receive financial aid if an electric generating facility within their jurisdiction has ceased operations after June 25, 2015, and has caused at least a 20% reduction in real property tax collections. The financial assistance is structured on a sliding scale, with payments gradually decreasing over the ten-year period: starting at 80% of revenue loss in the first year and reducing to 20% in later years. The total funding available remains capped at $140 million, and local governments can only receive one payment per year. To qualify, a facility must have submitted a retirement notice to the state's bulk system operator and be ineligible to participate in its markets. The bill aims to help local governments mitigate the economic impact of electric generating facility closures.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S649