Bill > S08346

This bill extends the provisions of a 1970 law regarding payment in lieu of taxes (PILOT) for properties acquired for parks or recreational purposes. Specifically, the bill amends the existing law by changing the operative date from June 30, 2025 to June 30, 2030, effectively extending the current PILOT provisions for an additional five years. Payment in lieu of taxes is a mechanism where government entities or nonprofits that own tax-exempt property make voluntary payments to local governments to help offset the loss of property tax revenue. In this case, the law applies to properties acquired specifically for parks or recreational purposes, ensuring that local governments continue to receive financial compensation for tax-exempt land used for public recreational spaces. The bill has an immediate effective date, meaning it will go into effect as soon as it is signed into law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8346