Bill Text: NY A05142 | 2023-2024 | General Assembly | Amended

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Bill Title: Establishes the power plant tax assessment reserve fund to reserve against, lessen or prevent increases in the school district's real property tax levy and/or tax rate resulting from decreases in revenue or taxes or a significant shift in tax liability due to a tax certiorari settlement or judgment; defines terms; makes related provisions.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2023-10-25 - signed chap.554 [A05142 Detail]

Download: New_York-2023-A05142-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5142--B

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      March 2, 2023
                                       ___________

        Introduced  by  M.  of A. E. BROWN, DeSTEFANO, K. BROWN -- read once and
          referred to the Committee on Education -- committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee -- again reported from said  committee  with  amendments,  ordered
          reprinted as amended and recommitted to said committee

        AN  ACT  relating  to  establishing the Island Park LIPA power plant tax
          assessment reserve fund

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.    Legislative findings. The legislature hereby finds that
     2  the tax certiorari settlement between Nassau County and the Long  Island
     3  Power  Authority  regarding  the  Island  Park Power Plant may result in
     4  instability in the real property tax base and the budget of  the  Island
     5  Park  union  free  school district due to a decrease in revenue or taxes
     6  and/or a significant shift in tax liability to the taxpayers.
     7    § 2. Definitions. As used in this act:
     8    (a) "Board of education" or "board" shall mean the board of  education
     9  of the Island Park union free school district.
    10    (b) "Power plant tax assessment reserve fund" or "fund" shall mean the
    11  power plant tax assessment reserve fund  established  pursuant  to  this
    12  act.
    13    (c)   "School   district"   or  "district"  shall mean the Island Park
    14  union free school district.
    15    § 3.  Power plant tax assessment reserve fund. The board of  education
    16  is  hereby  authorized to establish a power plant tax assessment reserve
    17  fund to lessen or prevent increases in the school district's real  prop-
    18  erty  tax  levy  and/or  tax rate resulting from decreases in revenue or
    19  taxes or a significant shift in tax liability due to  a  tax  certiorari
    20  settlement  or  judgment  provided,  however, that no such fund shall be
    21  established unless approved by a majority vote of the voters present and
    22  voting on a separate ballot proposition therefor  at  either  a  special

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09707-03-3
        A. 5142--B                          2

     1  district  meeting which the board of education may call for such purpose
     2  or at the annual district  meeting  and  election,  to  be  noticed  and
     3  conducted  in either case in accordance with article 41 of the education
     4  law.  Such  separate  proposition  shall set forth the maximum allowable
     5  balance to be deposited and held  in  the  power  plant  tax  assessment
     6  reserve  fund. Moneys shall be paid into and withdrawn from the fund and
     7  the fund shall be administered as follows:
     8    (a) For any school district fiscal year commencing after the effective
     9  date of this act and after the establishment  of  the  power  plant  tax
    10  assessment  reserve  fund,  the  board of education may receive payments
    11  into its power plant tax assessment reserve fund  from  any  sources  of
    12  revenue  resulting from a settlement with the Long Island Power Authori-
    13  ty; provided that no payment into the fund shall cause  the  balance  of
    14  the  fund to exceed the amount approved in the ballot proposition pursu-
    15  ant to this subdivision.
    16    (b) Moneys may be  withdrawn  from  the  power  plant  tax  assessment
    17  reserve  fund  by  resolution  of  the  board for any fiscal year, to be
    18  expended for any lawful purpose, to lessen or prevent increases  in  the
    19  district's  tax levy and/or tax rate. Withdrawals from the fund shall be
    20  disclosed in a manner consistent with the required disclosures of  simi-
    21  lar  reserve  funds held by the district, including disclosures required
    22  by the property tax report card prepared by the district pursuant to the
    23  provisions of subdivision 7 of section 1716 of the  education  law;  and
    24  deposits  and  withdrawals  made in each fiscal year shall be subject to
    25  the district's annual budget approval process.
    26    (c) The moneys in the power plant tax assessment reserve fund shall be
    27  deposited, invested and accounted for in  the  manner  provided  for  in
    28  subdivisions  2  and 6 of section 3651 and section 3652 of the education
    29  law.
    30    § 4. This act shall take effect immediately.