Bill Text: NY A02485 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to tax certiorari proceedings by the Long Island power authority.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - referred to corporations, authorities and commissions [A02485 Detail]

Download: New_York-2019-A02485-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2485
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 23, 2019
                                       ___________
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on Corporations, Authorities and Commissions
        AN  ACT to amend the public authorities law, in relation to tax certior-
          ari proceedings by the Long Island power authority
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision (u) of section 1020-f of the public authorities
     2  law, as added by chapter 517 of the laws of 1986, is amended by adding a
     3  new paragraph 5 to read as follows:
     4    5.  Notwithstanding  any  law, rule, or regulation to the contrary, in
     5  the event that the authority either succeeds in a tax  certiorari  chal-
     6  lenge  against  a municipality on one or more of its electric generating
     7  facilities or agrees to a reduction in its property taxes or payments in
     8  lieu of taxes paid through a settlement agreement with a municipality on
     9  one or more of its electric generating facilities, any savings in  prop-
    10  erty  taxes  or payments in lieu of taxes paid by the authority shall be
    11  used solely to reduce the rates paid by its ratepayers.
    12    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04613-01-9
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