S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9928
 
                           I N  A S S E M B L Y
 
                              April 26, 2024
                                ___________
 
 Introduced by M. of A. KELLES -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT to amend the state finance law, in relation to enacting the "AIM
   higher act"
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act shall be known and may be cited as the "AIM higher
 act".
   §  2. The state finance law is amended by adding a new section 54-n to
 read as follows:
   § 54-N. STATE AID TO OFFSET TAX EXEMPT LAND, AND CERTAIN  HOUSING  AND
 INFRASTRUCTURE COSTS. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "MUNICIPALITY"  MEANS  A COUNTY, TOWN, CITY OR VILLAGE LOCATED IN
 THE STATE.
   (B) "DESIGNATED MUNICIPALITY" MEANS A MUNICIPALITY SELECTED TO RECEIVE
 STATE AID PURSUANT TO THE METHOD CREATED BY THE DIRECTOR OF  THE  BUDGET
 PURSUANT TO PARAGRAPH (B) OF SUBDIVISION THREE OF THIS SECTION.
   (C)  "TAX  EXEMPT  LAND"  MEANS REAL PROPERTY THAT IS EXEMPT FROM REAL
 PROPERTY TAXATION UNDER THE LAWS OF THE STATE BECAUSE IT IS OWNED  BY  A
 NOT-FOR-PROFIT  ENTITY,  BY  A  MUNICIPALITY, OR BY THE STATE OR FEDERAL
 GOVERNMENT.
   2. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF LAW TO THE  CONTRARY,
 BEGINNING  WITH  THE  STATE FISCAL YEAR COMMENCING ON THE FIRST OF APRIL
 NEXT SUCCEEDING THE EFFECTIVE DATE  OF  THIS  SECTION,  AND  THEREAFTER,
 WITHIN  THE  AMOUNTS APPROPRIATED THEREFOR, EACH DESIGNATED MUNICIPALITY
 SHALL RECEIVE AID ACCORDING TO THE FORMULA DEVELOPED BY THE DIRECTOR  OF
 THE  BUDGET  PURSUANT  TO  PARAGRAPH  (A)  OF  SUBDIVISION THREE OF THIS
 SECTION.
   3. (A) THE DIRECTOR OF THE BUDGET SHALL ESTABLISH, BY  RULE  OR  REGU-
 LATION,  A  FORMULA  TO  CALCULATE THE AMOUNT OF AID MADE AVAILABLE TO A
 DESIGNATED MUNICIPALITY TO OFFSET:
   (I) THE ESTIMATED INCOME LOSS  RESULTING  FROM  ANY  TAX  EXEMPT  LAND
 LOCATED IN SUCH MUNICIPALITY;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14379-02-4
 A. 9928                             2
 
   (II)  ANY  COSTS OR EXPENSES INCURRED FROM SUCH MUNICIPALITY'S PARTIC-
 IPATION IN THE PRO-HOUSING COMMUNITIES PROGRAM CREATED PURSUANT TO EXEC-
 UTIVE ORDER THIRTY OF TWO THOUSAND TWENTY-THREE; AND/OR
   (III)  THE ESTIMATED COSTS OF ANY INFRASTRUCTURE NEEDS OF SUCH MUNICI-
 PALITY.
   (B) THE DIRECTOR OF THE BUDGET SHALL ESTABLISH, BY RULE OR REGULATION,
 A METHOD FOR SELECTING DESIGNATED MUNICIPALITIES TO  RECEIVE  STATE  AID
 PURSUANT  TO THIS SECTION, FOR EACH STATE FISCAL YEAR BEGINNING WITH THE
 STATE FISCAL YEAR COMMENCING ON THE FIRST OF APRIL NEXT  SUCCEEDING  THE
 EFFECTIVE DATE OF THIS SECTION, AND THEREAFTER, TAKING INTO ACCOUNT EACH
 MUNICIPALITY'S  RELATIVE  NEED FOR SUCH STATE AID FOR THE PURPOSES UNDER
 SUBPARAGRAPHS (I), (II) AND (III) OF PARAGRAPH (A) OF THIS SUBDIVISION.
   4. THE PROVISIONS OF THIS SECTION SHALL NOT REDUCE ANY STATE  AID  AND
 INCENTIVES  FOR  ANY MUNICIPALITY OTHERWISE PROVIDED UNDER THIS ARTICLE,
 BELOW THE AMOUNT RECEIVED BY SUCH MUNICIPALITY IN THE PRIOR YEAR.
   5. PAYMENTS MADE PURSUANT TO THIS SECTION SHALL BE MADE ON  OR  BEFORE
 JULY FIRST OF EACH YEAR.
   § 3. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.