Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination.

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S2502-2011 Actions

• May 2, 2012: referred to ways and means
• May 2, 2012: DELIVERED TO ASSEMBLY
• May 2, 2012: PASSED SENATE
• Apr 30, 2012: ADVANCED TO THIRD READING
• Apr 26, 2012: 2ND REPORT CAL.
• Apr 25, 2012: 1ST REPORT CAL.578
• Jan 4, 2012: REFERRED TO FINANCE
• Jan 24, 2011: REFERRED TO FINANCE

S2502-2011 Meetings

Finance: Apr 25, 2012

S2502-2011 Calendars

Active List: May 2, 2012 , Floor Calendar: Apr 26, 2012 , Floor Calendar: Apr 30, 2012 , Floor Calendar: May 1, 2012 , Floor Calendar: May 2, 2012

S2502-2011 Votes

S2502-2011 Memo

BILL NUMBER:S2502

TITLE OF BILL:
An act
to amend the state finance law, in relation to providing state
reimbursement for lost tax revenue due to devaluation of land subject to
toxic contamination

PURPOSE:
This legislation will provide reimbursement to
municipalities who have lost tax revenue due to court ordered and
marketplace impacts of contamination from the state hazardous waste
site known as the Dewey Loeffel Landfill.

PROVISIONS:

Section 1: The state finance law is amended by adding a new section
54-m which defines municipality. This section also defines lost tax
revenue and provides the terms under which reimbursement is provided.

JUSTIFICATION:

The Dewey Loeffel State Hazardous Waste Site is located in southern
Rensselaer County and contains more than twice the contamination of
the infamous Love Canal waste site. It is estimated that more than
46,000 tons of toxic waste are buried in a failed capped landfill.

Remediation of this site has been ongoing for decades with no progress
made in preventing the contamination from seeping from the site and
contaminating additional properties. This contamination has
significantly impacted property values as well as the assessed values
of properties in the area. Courts have continuously lowered tax
assessments due to the contamination on adjacent and area properties.
The result is a significant financial hardship for the communities
impacted by this ongoing toxic contamination.

The financial impact of this state hazardous waste site will continue
for some time as the Department of Environmental Conservation has
indicated that decades of remediation are in store for the site.

PRIOR LEGISLATIVE HISTORY:
New bill.

FISCAL IMPACT:
Approximately $80,000 annually in
municipal
reimbursement.

EFFECTIVE DATE:
This act shall take effect on the
first day of April
next succeeding the date on which it shall become a law.

S2502-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    2502

                         2011-2012 Regular Sessions

                              I N  SENATE

                              January 24, 2011
                                 ___________

  Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
    printed to be committed to the Committee on Finance

  AN ACT to amend the state finance law, in relation  to  providing  state
    reimbursement  for lost tax revenue due to devaluation of land subject
    to toxic contamination

    THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section  1.  The  state finance law is amended by adding a new section
  54-m to read as follows:

    S 54-M. REIMBURSEMENT FOR LOST TAX REVENUE DUE TO TOXIC CONTAMINATION.
  1. AS USED IN THIS SECTION, "MUNICIPALITY" SHALL MEAN ANY CITY, VILLAGE,
  TOWN OR FIRE DISTRICT LOCATED IN THE COUNTY OF RENSSELAER.
    2. ANY MUNICIPALITY SUBJECT TO CONTAMINATION EITHER DIRECTLY OR  INDI-
  RECTLY  FROM  THE  STATE HAZARDOUS WASTE SITE KNOWN AS THE DEWEY LOEFFEL
  LANDFILL, THAT HAS REDUCED ITS TAX LEVY ON PROPERTIES AFFECTED  BY  SUCH
  HAZARDOUS  WASTE  SITE, SHALL BE ELIGIBLE FOR REIMBURSEMENT OF SUCH LOST
  TAX REVENUE BY THE STATE. FOR PURPOSES OF THIS SECTION, "LOST TAX REVEN-
  UE" SHALL MEAN THE DIFFERENCE BETWEEN THE ACTUAL VALUATION OF SUCH  REAL
  PROPERTY  AND  THE REDUCED ASSESSED VALUE DUE TO CONTAMINATION AS CERTI-
  FIED BY THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY IN WHICH SUCH PROP-
  ERTIES ARE LOCATED.
    3. SUCH REIMBURSEMENT SHALL  BE  MADE  ANNUALLY  TO  THE  MUNICIPALITY
  FOLLOWING APPLICATION BY THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY TO
  THE COMPTROLLER IN A MANNER APPROVED AND PRESCRIBED BY THE COMPTROLLER.
    4.  SUCH SYSTEM OF REIMBURSEMENT SHALL CONTINUE UNTIL SUCH TIME AS THE
  DEWEY LOEFFEL LANDFILL HAS BEEN REMOVED  FROM  THE  INVENTORY  OF  STATE
  HAZARDOUS WASTE SITES.
    S  2. This act shall take effect on the first of April next succeeding
  the date on which it shall have become a law.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD01432-01-1