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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to energy and telecommunications
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the economic development law, chapter 316 of the laws of 1997 amending the public authorities law and other laws relating to the provision of low cost power to foster statewide economic development, the tax law and chapter 645 of the laws of 2006 amending the economic development law and other laws relating to reauthorizing the New York power authority to make contributions to the general fund, in relation to extending the expiration of the power for jobs program and the energy cost savings benefits program; and to amend the public authorities law, in relation to authorizing an additional voluntary contribution into the state treasury under the power for jobs program
Purpose
The purpose of the bill is to: (1) extend for one year the Power for Jobs (PFJ) and Energy Cost Savings Benefit (ECSB) programs administered by the Power Authority of the State of New York (NYPA) and the New York Sate Economic Development Power Allocation Board (EDPAB); and (2) authorize the reallocation of relinquished and withdrawn benefits to eligible customers under the PFJ and ECSB programs.
Summary of provisions
Section one of the bill amends the Economic Development Law (EDL) § 186(h)(2) and (4) to: (1) extend, from June 30, 2009 to June 30, 2010, the period during which eligible businesses may be considered for ECSB program benefits; (2) authorize the EDPAB to expedite the awarding of benefits and defer the review of compliance with program criteria until after applicants have been awarded interim benefits; and (3) authorize ECSB program benefits which are relinquished or withdrawn after the effective date of the bill to be made available for reallocation to eligible businesses.
Read the full memo (891 words)
Sections 2 and 3 of the bill amend EDL § 189(a)(5)(f) and (1) to: (1) extend, from June 30, 2009 to June 30, 2010, the period during which recipients of program benefits may choose to receive and electricity savings reimbursement; 2) extend, from June 30, 2009 to June 30, 2010, the period during which EDPAB may recommend allocations of benefits to eligible applicants, and to provide that the term of any contracts for allocations of benefits should not extend beyond June 30, 2010; (3) authorize the EDPAB to expedite the awarding of reimbursements and contract extensions and defer the review of compliance with program criteria until after applicants have been awarded a PFJ electricity savings reimbursement or contract extension; and (4) authorize any PFJ allocations which are relinquished or withdrawn after the effective date of the bill to be made available for reallocation to eligible businesses.
Section 4 of the bill extends the effective fate of Chapter 316 of the Laws of 1997, which created the PFJ program.
Section 5 of the bill amends Tax Law § 186-a to extend, through and including 2010, the taxable periods through which a utility that delivers power under the PFJ program is allowed a tax credit.
Section 6 of the bill amends section 7 of Chapter 645 of the Laws of 2006 to extend from June 30, 2009 to June 30, 2010, the effective date of certain reporting requirements made applicable to NYPA by Chapter 645.
Section 7 of the bill amend Public Authorities Law § 1005 to authorize the NYPA Board of Trustees to contribute to the State the lesser of $20 million, or the value of the tax credits authorized by Tax Law § 186-a(9), to offset losses to the State from gross receipts tax revenues from PFJ contract extensions, and raises the aggregate amount that NYPA may contribute to the State under the PFJ program from $449 million to up to $469 million.
Section 8 of the bill provides for an effective date of7 days after it shall have become law.
Existing law
Current law will expire on June 30, 2009.
Justification
The PFJ and ECSB programs provide reduced power rates to hundreds of businesses statewide. In return, these businesses are required to, among other things, create or retain jobs.
Both programs are set to expire on June 30, 2009. By extending these programs for an additional year, the bill would ensure that eligible businesses will continue to receive benefits from the PFJ and ECSB programs for an additional year. In addition, the bill would authorize PFJ allocations and ECSB benefits which are relinquished or withdrawn after the effective date of the bill to be made available for reallocation to eligible businesses under the PFJ and ECSB programs.
Finally, given that these programs are scheduled to expire on June 30, 2009, the bill would authorize the EDPAB to expedite the awarding of reimbursements and extensions and defer the review of compliance with program criteria until after the applicant has been awarded interim program benefits. This type of authorization was provided to the EDPAB in Ch. 89 of L. 2007 under similar circumstances.
Legislative history
New bill. Similar legislation has extended the PFJ and ECSB programs in previous years. See, e.g., Ch. 645 of L. 2006; Ch. 89 of L. 2007; and Ch. 59 of L. 2008 (Part Y)
Fiscal implications
Any lost revenues to the State from the gross receipts tax credit will be offset by a corresponding payment from NYPA to the General Fund.
Local fiscal implications
None.
Effective date
7 days after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.