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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A9380
- Advanced to third reading
- 2nd report cal.
- 1st report cal.889
- Print number 6660a
- Amend and recommit to local government
- Referred to local government
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.
Relates to the tax exemption for nuclear powered generating facilities
Signed by Governor · Sponsor Sandy Galef
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6660A
Title of bill
An act to amend the real property tax law, in relation to the tax exemption for nuclear powered electric generating facilities
Purpose
To give local taxing jurisdictions with nuclear generating facilities the ability to negotiate tax agreements.
Summary of provisions
Section 1 amends paragraph (e) of subdivision 2 of section 485 of the Real Property Tax Law to extend the effective date to January 1, 2031.
Section 2 states this act shall take effective immediately.
Justification
Currently, local taxing authorities, such as local governments and school districts, have the ability to enter into tax agreements with nuclear generating facilities. Localities were first granted this authority back in 2001.
Prior to 2001, nuclear generating facilities were taxed as real property and municipal assessors were required to determine the value of the property annually. Unlike most properties, the value of nuclear generating facilities depends largely on the market. This unpredictability created a dynamic where property values dramatically increased or decreased each year. Further, having the property on the assessment rolls increased the likelihood that the assessment would be challenged each year in court.
For localities with these facilities, this was problematic in stabilizing property taxes for residents and for future planning. Due to these factors, legislation was enacted in 2001 that gave localities the ability to negotiate tax agreements with nuclear facilities. Specifically, localities can enter into an agreement with the nuclear generating facility based on what is in the best interests of the community - they can place the nuclear facility on the assessment roll, enter into an IDA PILOT agreement or they can negotiate a tax agreement. Having these options has proved to be successful in communities with nuclear facilities and has helped stabilize property taxes.
This legislation will extend Section 485 of the Real Property Tax Law to January 1, 2031.
Legislative history
Assembly Bill 6639/Senate Bill 14 of 2001 (Chapter 87 of 2001).
Fiscal implications
None to state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.