BILL NUMBER: S7057

SPONSOR: HARCKHAM
 
TITLE OF BILL:

An act to amend chapter 20 of the laws of 2015, appropriating money for
certain municipal corporations and school districts, in relation to the
effectiveness thereof

 
PURPOSE OF BILL:

The specific objective of the proposed legislation is to remove the
sunset provision from the statute that authorizes the Electric Generat-
ing Facility Cessation Mitigation Program (the "Program"). The Program
is currently set to expire on July 1, 2025.

 
SUMMARY OF PROVISIONS:

The bill amends section 4 of subpart H of Part C of chapter 20 of the
laws of 2015 by removing the sunset provision of the Electric Generating
Facility Cessation Mitigation Fund, thereby making the Fund permanent.
              

 
JUSTIFICATION:

The Program will be increasingly needed in future years. The recently
enacted Climate Leadership and Community Protection Act mandates a
dramatic decrease in the State's greenhouse gas emissions and meeting
this goal will require the elimination of fossil fuel electric generat-
ing facilities. Many of these facilities contribute significantly to the
local tax base and local economy. By mitigating the tax losses caused by
these closures, the Program plays a vital role in maintaining local
services such as fire, police and particularly the schools. Knowing that
the Program will continue to be in place will help alleviate local
anxiety about these closures and thereby assist the State in meeting its
emissions reduction goals. This is now a pressing issue because the
Program sunset is only five years away and if left in place would
prevent any current or future Program participants from receiving the
full seven years of assistance intended by the fund.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This bill would take effect immediately.