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History
- Referred to rules
Full text
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Sponsor's memo
BILL NUMBER:S7761
Title of bill
An act to amend the general municipal law, in relation to designating payments made pursuant to payment in lieu of taxes agreements as "taxes or other lawful charges"
Purpose or general idea of bill
The bill provides that Payments In Lieu of Taxes may be designated as "taxes or other lawful charges"
Summary of specific provisions
Section 1 of the bill amends Subdivision 15 of section 858 of the general municipal law by adding a new paragraph that provides that payments in lieu of taxes may be designated as "taxes or other lawful charges" by the agency entering into such agreements and the amounts due will become liens on the subject property with priority superior to all existing and future claims or encumbrances on the subject property. The agency may bring an action to collect amounts due after said lien date.
Section 2 provides that this act shall take effect 120 days after enactment.
Justification
The bill provides Industrial Development Agency's entering into Payment In Lieu of Taxes agreement with the needed recourse in dealing with delinquent payments under respective agreements the agency has entered into with another party.
Prior legislative history
None.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundred twentieth day 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.