Extends funding for local governments affected by electric generation facility closures for five more years.

This bill extends funding to local government entities from the urban development corporation through the electric generation facility cessation mitigation fund for an additional five years. Local governments can apply for assistance if an electric generating facility within their jurisdiction ceases operations and results in a significant reduction in real property tax collections. The fund provides payments based on the loss of revenues, with a maximum total award of $140,000,000. The assistance is available for up to twelve years, with payments decreasing annually.

Extends funding for local governments affected by electric generation facility closures for five more years.

This bill extends funding to local government entities from the urban development corporation through the electric generation facility cessation mitigation fund for an additional five years. Local governments can apply for assistance if an electric generating facility within their jurisdiction ceases operations and results in a significant reduction in real property tax collections. The fund provides payments based on the loss of revenues, with a maximum total award of $140,000,000. The assistance is available for up to twelve years, with payments decreasing annually.