Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination

This bill provides state reimbursement to municipalities in Rensselaer County for lost property tax revenue caused by reduced property values due to contamination from the Dewey Loeffel Landfill. Affected municipalities can apply annually for reimbursement of the difference between original and reduced property valuations, certified by their chief fiscal officer. The state will pay this amount each year until the landfill is removed from the state hazardous waste site inventory. The bill specifically applies only to properties impacted by this named landfill, not other contamination sources.