Tax stabilization fund to help soften impact of Indian Point closure

Posted: Updated:
BUCHANAN -

State Sen. Terrence Murphy joined elected officials Wednesday afternoon to announce a tax stabilization fund to provide relief to the communities surrounding Indian Point after its closure.

Murphy says he believes Gov. Andrew Cuomo can help. Cuomo added $24 million in this year's state budget to aid the communities that could lose tens of millions of dollars in tax revenue once the nuclear plant shuts down in 2021.

Areas facing a tax revenue loss of at least 20 percent will receive the funds over several years.

Some of that money could help close a budget gap at the Hendrick Hudson School District, which faces a $25 million hit.

Murphy says the money will be used only if the plant closes, something he's still not sold on.

“The idea is to take this fund and put as much money as we can into it, so it can be drawn down after the closure of Indian Point - if it closes, as I'm still not sure it will close,” says Murphy.

The Indian Point Closure Task Force is scheduled to meet Thursday at 7 p.m. at Cortlandt Town Hall to discuss ongoing funding issues.

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