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April 15, 2019

The 2019-2020 NYS Budget Requires Financial Reporting for Electric Generators

On April 1, 2019, the NYS legislature adopted the 2019-2020 New York State budget, which totals $175.5 billion. The budget includes significant provisions concerning energy companies. One provision, A.2009-C/S.1508-C, Part J, Subpart F, will require power plant owners to file reports by April 30 of every year with the New York State Department of Tax and Finance.

Beginning on January 20, 2020, the adopted budget will require “every corporation, company, association, joint stock association, partnership, and person, their lessees, trustees, or receivers appointed by any court whatsoever, owning, operating, or managing electric generating facilities in New York” to file an annual report with the Commissioner of Tax and Finance. According to the budget, this reporting requirement applies to “any facility that generates electricity for sale, directly or indirectly, to the public, including the land upon which the facility is located, any equipment used in such generation, and equipment leading from the facility to the interconnection with the electric transmission system.” It does not include “any equipment in the electric transmission system” or “any electric generating equipment owned or operated by a residential customer of an electric generating facility, including the land upon which the equipment is located, when located and used at his or her residence.”

The report will require information such as inventory, revenue, and expenses for the past fiscal year. The Commissioner of Tax and Finance will specify the form and manner the report will take. We expect that there will be a penalty of $10,000 for failing to provide a report and an additional $1,000 penalty per day that the report is not submitted. There will likely be a State Administrative Procedures Act (SAPA) rulemaking process for the implementation of this process.

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