The Nassau Legislature approved a deal to reduce taxes at LIPA power plants in Island Park and Glenwood Landing.

The deal will cut LIPA's $59 million tax bill nearly in half over five years.

“This settlement is a fair compromise that will allow for continued low taxes for the Island Park, Oceanside, and North Shore school districts, protect Nassau County residents from hundreds of millions of dollars of tax refund liability, and continue the transition to a clean and sustainable energy future for all Long Island residents,” said LIPA’s CEO Tom Falcone in prepared remarks. “This settlement represents the best possible terms for Nassau County taxpayers, and it is a fair deal for LIPA customers too.”

Many are worried on how the deal is going to impact school districts in the two communities because they rely heavily on tax revenue from LIPA.

School officials tell News 12, "The school district and LIPA are working towards a resolution of this matter and hope to have terms of such resolution in the near future."

Island Park resident Linda Aebly is a little concerned about how the deal is going to affect her taxes.

"I'd hate to see us move away because we can't afford our taxes, because it's a beautiful community," Aebly, who has lived in Island Park for 25 years, says.

Nassau County Executive Bruce Blakeman was pleased with the deal, saying they negotiated very hard with LIPA but were able to get a "fair deal" considering the circumstances.

There have been some reports that Albany could soften the tax reduction affects for Island Park and Glenwood Landing, but there is no word what that would look like.