A05504 Summary:

BILL NOA05504
 
SAME ASSAME AS S02502
 
SPONSORMcLaughlin (MS)
 
COSPNSRMolinaro
 
MLTSPNSRSaladino
 
Add S54-m, St Fin L
 
Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination.
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A05504 Actions:

BILL NOA05504
 
02/22/2011referred to ways and means
01/04/2012referred to ways and means
06/19/2012held for consideration in ways and means
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A05504 Floor Votes:

There are no votes for this bill in this legislative session.
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A05504 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5504
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 22, 2011
                                       ___________
 
        Introduced  by  M.  of  A.  McLAUGHLIN -- Multi-Sponsored by -- M. of A.
          SALADINO -- read once and referred to the Committee on Ways and Means
 
        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:
 
     1    Section  1.  The  state finance law is amended by adding a new section
     2  54-m to read as follows:
     3    § 54-m. Reimbursement for lost tax revenue due to toxic contamination.
     4  1. As used in this section, "municipality" shall mean any city, village,
     5  town or fire district located in the county of Rensselaer.
     6    2. Any municipality subject to contamination either directly or  indi-
     7  rectly  from  the  state hazardous waste site known as the Dewey Loeffel
     8  Landfill, that has reduced its tax levy on properties affected  by  such
     9  hazardous  waste  site, shall be eligible for reimbursement of such lost

    10  tax revenue by the state. For purposes of this section, "lost tax reven-
    11  ue" shall mean the difference between the actual valuation of such  real
    12  property  and  the reduced assessed value due to contamination as certi-
    13  fied by the chief fiscal officer of the municipality in which such prop-
    14  erties are located.
    15    3. Such reimbursement shall  be  made  annually  to  the  municipality
    16  following application by the chief fiscal officer of the municipality to
    17  the comptroller in a manner approved and prescribed by the comptroller.
    18    4.  Such system of reimbursement shall continue until such time as the
    19  Dewey Loeffel Landfill has been removed  from  the  inventory  of  state
    20  hazardous waste sites.

    21    §  2. This act shall take effect on the first of April next succeeding
    22  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
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