Authorizes funding to local government entities from the urban development corporation through the electric generation facility cessation mitigation fund for an additional five years.

This bill would extend the duration for which local governments can receive financial assistance if an electric generating facility closes and reduces their tax revenue. The assistance, funded by the urban development corporation, would be available for up to twelve years instead of seven, with decreasing percentages of lost revenue awarded each year. This change aims to help local governments cope with the financial impact of power plant closures.

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