Bill Text: NY A03396 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to tax certiorari proceedings by the Long Island power authority.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2022-01-05 - referred to corporations, authorities and commissions [A03396 Detail]
Download: New_York-2021-A03396-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3396 2021-2022 Regular Sessions IN ASSEMBLY January 26, 2021 ___________ Introduced by M. of A. LAVINE, STERN, M. MILLER -- 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. LBD06599-01-1
