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Sponsors
No co-sponsors yet.
History
- Referred to energy and telecommunications
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, the public authorities law, the tax law and the public service law, in relation to extending the expiration of the power for jobs program and the energy cost savings benefits program and to the provision of low cost power to foster statewide economic development; and to amend 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, in relation to the effectiveness thereof; and to repeal section 188 of the economic development law relating to industrial incentive awards; and providing for the repeal of certain provisions upon expiration thereof
Purpose
This legislation will extend and phase out the power for jobs and Energy Cost Savings Benefit programs, then, create the Economic Development Power Program in order to enhance economic development throughout New York State, while providing a streamlined process and clearly defining eligibility criteria.
Summary of provisions
* Extends the Power for Jobs and Energy Cost Savings Benefits Programs through June 30, 2011, and then phases out those programs over a three year period, while allowing all of those participants who are in substantial compliance with their contractual obligations to remain in the program under a Tier I or Tier II designation * Creates the Economic Development Power Program starting on July 1st, 2011 which will provide Tier I beneficiaries with allocations of discount power and Tier II beneficiaries shall be granted monetized benefits. * Establishes a seven year minimum term for contracts under the new energy program, provides yearly eligibility review and contract extension, and establishes an evergreen contract renewal, adding an additional year to each individual contract after passing annual eligibility review. * Award criteria includes, capital investment, the significance of cost of energy to the competitive position and operating cost of applicant, the size of the applicants payroll and number of jobs are planned or at risk and the applicants current or committed investment in energy efficiency. * Provides for the three year redeployment of PASNY hydro-electric power from rural and domestic customers to the EDPP. * Eliminates the temporary state energy and utility service conservation assessment (Section 18-A of public service law) for utility receipts derived from residential customers. * Provides for the sale of 10 gas turbine electric generating facilities owned by the authority and located in and around New York City, and with any additional money that may be raised, that is not needed to offset the cost of the provisions set forth in this bill, creates the upstate New York Economic Development Fund to be administered by the Empire State Development Corporation.
Read the full memo (665 words)
Justification
The current Power for Jobs and Energy Cost Savings Benefit program is set to expire on May 15th, 2010. In order to facilitate economic development and provide an environment more conducive to job creation, businesses need to be able to plan for long term success. The creation of a permanent Economic Development Program will allow for this planning, and will provide a shot in the arm to economic development across New York State. This legislation seeks to provide business with real economic benefits, while keeping the application and review process as simple and straightforward as possible. The elimination of the residential portion of the onerous 18A assessment, three years before it is set to sunset, provides real help to residential customers, not only in those areas currently receiving benefits from the rural and domestic power program, but all across New York State.
Legislative history
This is a new bill.
Fiscal implications
None. The costs would be paid for by a combination of revenues raised by the sale of low cost power, the current funds of NYPA and the sale of 10 gas turbine electric generating facilities owned by the authority and located in and around New York City.
Effective date
This Act will take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.