Governor Cuomo Signs Bill Regarding IDA Agreements
October 30, 2019 | Articles & Press Releases
Governor Cuomo signed a bill on October 29, 2019 that will assist school districts in dealing with the ramifications of property tax appeal settlements on properties subject to Industrial Development Agency (IDA) agreements. The new Section 561 of the Real Property Tax Law states that any reductions in payments in lieu of taxes (PILOT) resulting from a settlement will not impact the current school budget year, but only go into effect with the subsequent tax year. This will allow school district’s time to make the budgetary changes necessary to accommodate for the new payment schedule and avoid the impact in the current fiscal year.