N.Y. Public Lands Law 19-B – State aid; certain state-owned or reacquired lands
§ 19-b. State aid; certain state-owned or reacquired lands. 1. State aid shall be payable to any municipal corporation or special district as such terms are defined by § 102 of the real property tax law and hereinafter collectively referred to in this section as "taxing authority", when on any assessment roll the taxable assessed valuation in such taxing authority is decreased in any year by reason of the transfer of title or possession of land or improvements thereon to the state or an agency of the state located at West Valley, Cattaraugus county and theretofore utilized by the corporation known as "Nuclear Fuel Services, Inc.".
Terms Used In N.Y. Public Lands Law 19-B
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. The state aid payable to a taxing authority pursuant to this section shall be computed and paid during the first fiscal year of any such taxing authority commencing on or after January first, nineteen hundred eighty-one, and during each fiscal year thereafter. Such state aid shall in each year be equal to the amount of taxes levied or which would have been levied by or in behalf of the taxing authority against such lands and the improvements thereon on the last assessment roll finally completed in nineteen hundred eighty.
3. Such state aid shall be payable upon application to the state comptroller by the chief fiscal officer of the taxing authority which qualifies for aid pursuant to this section. The application shall be made on a form prescribed by such comptroller and shall contain such information as such comptroller shall require. On or before January fifteenth the comptroller, in consultation with the board of real property services and other agencies as may be appropriate, shall submit to the governor and the legislature an annual accounting of state aid paid pursuant to this section during the preceding and current fiscal years. Such accounting shall include, but not be limited to the number, type and amount of such payments, as well as an estimate of payments to be made during the remainder of the current fiscal year and during the following fiscal year.