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History
- Referred to energy and telecommunications
- Referred to energy and telecommunications
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the solar or wind or farm waste energy system tax stabilization funds
In Assembly Committee · Energy · Sponsor Dierdre Scozzafava
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act authorizing the establishment of solar or wind or farm waste energy system tax stabilization funds
Purpose
To allow a municipal corporation hosting at lease one wind turbine electric generating facility to establish a wind turbine facility tax stabilization reserve fund.
Summary of provisions
* Authorizes the governing board of a municipal corporation hosting at least one wind turbine electric generating facility to establish a wind turbine facility tax stabilization reserve fund and make expenditures from such fund once established. * Defines "eligible portion of the annual budget", "municipal corporation", "wind turbine electric generating facility", and "chief fiscal officer". * Provides that amounts paid into the fund are by budgetary appropriation, to the extent that the annual tax payments or PILOTs exceed the "base wind turbine facility taxes". * Authorizes the investment of moneys in the fund, and requires that the interest earned or capital gain realized on the money in the fund shall become part of the fund. * Outlines accounting requirements for the fund. * Outlines how expenditures may be made from the fund to lessen or prevent, in the case of a school district, any projected increase in the amount of real property tax levy needed to finance the eligible portion of the annual school budget for the next succeeding fiscal year, or in the case of other municipal corporations, any projected increase in excess of five percent in the amount of real property tax levy needed to finance the eligible portion of the annual budget for the next succeeding fiscal year. * Specifies that the members of the finance board are trustees of the moneys in the fund. * Provides for distribution of fund moneys should the municipal corporation determine that the fund is no longer needed.
Existing law
Similar reserve funds have been established for nuclear-powered generating facilities.
Justification
The Lowville Central School District requested this legislation to establish a reserve fund with regard to the Maple Ridge Wind Farm Pilot. With the reserve fund, the taxing body can draw revenues over a period of years to avoid having potentially large tax swings from year to year. The tax stabilization reserve fund, together with the PILOT plan, benefits the taxing body by stabilizing their tax revenue stream and allowing them to plan their budget more easily. It is fair and will protect them -- and ultimately, the taxpayers who live in the district -- from potentially wide swings in tax payments.
Legislative history
S.7896 of 2008 passed Senate/A.10886 - Energy Committee
Fiscal implications
Positive to affected taxing district.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.