Bill > A03626

This bill extends funding support for local government entities that have experienced significant tax revenue loss due to the closure of electric generating facilities. Specifically, the bill amends existing law to increase the period of potential assistance from seven to ten years through the urban development corporation's electric generation facility cessation mitigation fund. The fund provides financial support to counties, cities, towns, villages, school districts, or special districts where an electric generating facility has ceased operations after June 25, 2015, and caused at least a 20% reduction in real property tax collections. The funding is distributed on a first-come, first-served basis, with decreasing percentages of revenue loss compensation over the years (starting at 80% in year one and reducing to 20% in years 6-10). To be eligible, local government entities must submit an application after a generator has notified the state's bulk system operator of its intent to retire or remove the facility from service, and the total program funding remains capped at $140 million. The bill aims to provide financial relief to local governments impacted by the closure of electric generation facilities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A3626