Bill Text: NY A06310 | 2023-2024 | General Assembly | Amended

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Bill Title: Establishes the power plant tax assessment challenge reserve fund to prevent increases in the Northport-East Northport union free 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: Bipartisan Bill

Status: (Engrossed) 2024-05-13 - reported referred to rules [A06310 Detail]

Download: New_York-2023-A06310-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         6310--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        Introduced by M. of A. K. BROWN -- read once and referred to the Commit-
          tee  on  Education  --  committee  discharged,  bill  amended, ordered
          reprinted as amended and recommitted to said committee

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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06715-02-3
        A. 6310--A                          2

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