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

This bill authorizes funding from the urban development corporation to local government entities affected by the cessation of electric generation facilities. Eligible entities include counties, cities, towns, villages, school districts, or special districts. Funding is contingent on available resources and is capped at $140,000,000. Payments are made annually on a first-come, first-served basis, based on the reduction in real property tax collections or payments in lieu of taxes caused by the facility's closure. The bill extends this funding mechanism for an additional three years.

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

This bill authorizes funding from the urban development corporation to local government entities affected by the cessation of electric generation facilities. Eligible entities include counties, cities, towns, villages, school districts, or special districts. Funding is contingent on available resources and is capped at $140,000,000. Payments are made annually on a first-come, first-served basis, based on the reduction in real property tax collections or payments in lieu of taxes caused by the facility's closure. The bill extends this funding mechanism for an additional three years.