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Government Affairs Albany Update

February 17, 2006

Public Meeting on “Clean Coal” Incentives
Staff Contact: Ken Pokalsky

The Governor's Office of Regulatory Reform (GORR) will be providing interested parties with information on the Advanced Clean Coal Power Plant Initiative that Governor George Pataki included in both his State of the State Address and the Executive Budget. The meeting will be held on Monday, February 27 from 1:30 p.m. until 4:00 p.m. in Meeting Room 4 of the Empire State Plaza in downtown Albany.

Under this proposal, State agencies and authorities will collaborate over a five-year period to identify “shovel ready” sites for the development of Integrated Gasification Combined Cycle power plants - commonly referred to as “clean coal” plants. Under this program, the New York Power Authority (NYPA) will provide $50 million to a private sector power generator(s) who agrees to host research and development of new carbon capture and/or sequestration technologies to reduce carbon dioxide emissions. NYPA will also commit to purchasing power from this facility. Existing brownfield properties would receive priority consideration during the siting process.

At the February 27 meeting, GORR staff will describe the process which will be used to select appropriate sites and developers to participate in this important project, and see interested parties to participate in a formal stakeholders advisory group.

The meeting is open to all interested parties. The key GORR contacts on this project are David Bradley, Acting Director, Governor's Office of Regulatory Reform (phone 518-486-3292) and Bruce Wurz - Team Leader, Governor's Office of Regulatory Reform (phone 518-486-3292).

Taxation & Finance Addresses TBC on Tax Shelter Reporting and VCI

Nonie Manion and Stanley Podhirny of the Division of Audit addressed TBC Committee on Taxation this week on tax shelter reporting and its Voluntary Compliance Initiative (VCI) program. Mr. Podhirny stated that New York's definitional requirement for reportable transactions is limited to two categories, to wit, Federal reportable transactions and intangible holding companies. Mr. Podhirny also updated the extent of VCI activity that has taken place to date. At the present, 58 tax years have been filed under the VCI with payments totalling $21.7 million. As reported previously, the majority of VCI activity is expected to occur in the final fortnight of the five-month program which will end on March 1, 2006.