Bill Text: NY S07105 | 2023-2024 | General Assembly | Introduced

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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: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-06-04 - SUBSTITUTED BY A6310A [S07105 Detail]

Download: New_York-2023-S07105-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7105

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 18, 2023
                                       ___________

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

        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
    25  or at the annual district  meeting  and  election,  to  be  noticed  and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06715-03-3
        S. 7105                             2

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  Moneys shall be paid into and withdrawn from the fund and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    14    (b)  Moneys  may  be  withdrawn  from  the  power plant tax assessment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