Bill > S07806

This bill extends the expiration of payments in lieu of taxes (PILOT) for certain property in the town of Hempstead, New York, from June 30, 2025, to June 30, 2027. A PILOT agreement is a financial arrangement where a property owner makes payments to a local government in lieu of traditional property taxes, often used to encourage economic development or support specific types of properties. In this case, the bill specifically relates to Lido Beach, and it amends a previous law from 1978 that established the original PILOT arrangement. By extending the expiration date, the bill allows the current PILOT agreement to continue for an additional two years, providing continued financial flexibility for the property and maintaining the existing tax arrangement between the property owner and the town of Hempstead.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7806