ALBANY – State Senator Peter Harckham and Assemblywoman Dana Levenberg introduced legislation Tuesday to extend the electric generation facility cessation mitigation program to assist counties, municipalities, school districts and special districts with the closure of electric generation facilities like the now-decommissioned Indian Point nuclear plant for another five years.
The two Democratic Putnam-Westchester lawmakers believe once approved and signed into law, their bill would allow those affected entities grappling with significant property tax revenue reductions to receive financial assistance.
“The costly financial situation for towns and schools that have depended on substantial tax revenue from Indian Point requires as much help from the state as possible,” Harckham said. “The cessation mitigation fund has given municipalities and schools some breathing room, but the out years of the program are fast approaching. Extending the program will help alleviate the burden on taxpayers and give local officials more resources.”
“Closing Indian Point has made our communities safer, but it has also meant a big loss in tax dollars, particularly for the Hendrick Hudson School District. We must find ways to fill that gap, starting with extending the duration of the cessation fund,” said Levenberg.
The cessation mitigation fund is supported by a surcharge on utility bills and aims to shield local taxpayers from potential financial challenges that may arise when large electric generation plants shut down.
When Indian Point closed in 2021, the school district lost millions of dollars of revenue and Buchanan lost 50 percent of the funds to run the village.
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