Senate Bill S5353

Signed By Governor
2011-2012 Legislative Session

Relates to applications for certain tax abatements for industrial and commercial construction work on properties in certain cities

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Archive: Last Bill Status Via A7511 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S5353 (ACTIVE) - Details

See Assembly Version of this Bill:
A7511
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§489-aaaaaa, 489-bbbbbb, 489-dddddd, 489-eeeeee & 489-ffffff, RPT L; amd §§11-268, 11-269, 11-271, 11-272 & 11-273, NYC Ad Cd

2011-S5353 (ACTIVE) - Summary

Relates to applications for certain tax abatements for industrial and commercial construction work on properties in cities of one million or more persons and tax abatements for certain electricity generating facilities in such city.

2011-S5353 (ACTIVE) - Sponsor Memo

2011-S5353 (ACTIVE) - Bill Text download pdf

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

                                  5353

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 11, 2011
                               ___________

Introduced  by  Sens.  LANZA,  GOLDEN -- (at request of the Governor) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Finance

AN ACT to amend the real property tax law and the administrative code of
  the  city  of New York, in relation to applications for tax abatements
  for industrial and commercial construction work  on  properties  in  a
  city  of one million or more persons and to tax abatements for certain
  electricity generating facilities in such city

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

  Section 1. Legislative findings. The legislature hereby finds that the
New York city industrial and commercial incentive program granted, as of
right,  reductions  in real property taxes to new industrial and commer-
cial projects, including power plants. That program lapsed in  2008  and
its  successor, the industrial and commercial abatement program, enacted
by chapter 119 of the laws of 2008, did not provide for  tax  abatements
for  new  electricity  generating facilities in New York city. In August
2010 the board of directors of the New York city industrial  development
agency revised its uniform tax exemption policy to provide a discretion-
ary  tax  abatement  program,  and  other  benefits, for certain peaking
generating facilities.  However, the tax benefits of  the  program  were
not  recognized  by  the federal energy regulatory commission in setting
the installed capacity demand curves  for  the  City  of  New  York  for
2011/2012,  2012/2013  and 2013/2014, potentially resulting in a signif-
icant increase in the level  of  the  demand  curves  and  corresponding
capacity  prices paid by customers in the city of New York. The legisla-
ture further finds that it is in  the  best  interest  of  customers  to
prevent  such  impacts  by  amending  the  real property tax law for the
purpose of making peaking units eligible  for  benefits,  as  of  right,
under the industrial and commercial abatement program.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12038-06-1

              

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