Bill > A08268

This bill extends the expiration of payments in lieu of taxes (PILOT) for certain property in Lido Beach, located in the town of Hempstead, from June 30, 2025, to June 30, 2027. A PILOT agreement is a financial arrangement where a property owner, often a government or nonprofit entity, makes a negotiated payment to a local government in place of traditional property taxes. In this specific case, the bill amends a previous law from 1978 that established the original PILOT arrangement, simply updating the expiration date by two additional years. The bill will take effect immediately upon passage, allowing the existing PILOT arrangement to continue for Lido Beach properties through the end of June 2027, which provides continued financial predictability for both the property owners and the local government.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8268