Skip to Main Content
Services Talent Knowledge
Site Search
Menu

Alert

Our attorneys stay on top of changes in legislation, agency regulations, case law, and industry trends—then craft timely legal alerts to keep clients up to date on legal developments important to their business.

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.

Subscribe

Click here to sign up for alerts, blog posts, and firm news.

Featured Media

Alerts

Bankruptcy Avoidance Actions, Part 2 – Fraudulent Transfers

Alerts

NYS Court of Appeals: CVA Plaintiff Must Prove Notice of Abuse Applying Then-Prevailing Standards in Decades-Old Sexual Abuse Case

Alerts

Website Accessibility Lawsuits: Several "Tester" Plaintiffs—Darnell Williams, Tanisia Bowman, Dominique Tompkins, Kimberly Miller, and Judith Adela Fernandez Martinez—Targeting Businesses in Recent Flurry of Lawsuits

Alerts

Federal Court Voids Regulation Authorizing IRS to Assess ACA Employer Penalties

Alerts

Building Industry Groups and Municipalities Clash With NYSDEC Over Recent Changes to State Wetland Law and New Wetland Regulations

Alerts

Not-for-Profits Face New Threats to Tax-Exempt Status


 

This site uses cookies to give you the best experience possible on our site and in some cases direct advertisements to you based upon your use of our site.

By clicking [I agree], you are agreeing to our use of cookies. For information on what cookies we use and how to manage our use of cookies, please visit our Privacy Statement.

I AgreeOpt-Out