Bill > A08794

This bill extends the provisions of a 1970 law regarding payment in lieu of taxes (PILOT) for property 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 program by an additional five years. A PILOT agreement is a mechanism where local governments receive payments from tax-exempt property owners to compensate for the loss of property tax revenue. In this case, the law applies to properties that have been acquired for park or recreational purposes, which might include land owned by state or county entities that would normally be exempt from property taxes. The bill ensures that local municipalities will continue to receive financial compensation for tax-exempt park and recreational lands for the next five years, maintaining the current framework established in the original 1970 legislation.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8794