Bill > S09876

This bill extends funding for local government entities that have experienced a significant loss of tax revenue due to the closure of an electric generating facility. Specifically, it amends existing law to allow the Urban Development Corporation (UDC), a state agency, to provide financial assistance from the electric generation facility cessation mitigation fund for an additional three years, increasing the total potential duration of aid from seven to ten years. This fund is intended to help local governments, such as counties, cities, towns, villages, school districts, or special districts, that have seen their real property tax collections or payments in lieu of taxes (payments made instead of taxes) decrease by at least twenty percent because an electric generating facility within their jurisdiction has ceased operations. The bill clarifies that this assistance is contingent on available funding and will be distributed annually on a first-come, first-served basis, with the amount of aid decreasing each year. Eligibility for this fund requires that the facility has officially retired or is ineligible to participate in the electricity markets operated by the federally designated electric bulk system operator (BSO) serving New York, and the local government must provide an attestation to the Department of Public Service, which will then confirm this information with the BSO. The total amount of funding available through this program remains capped at $140,000,000.