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Sponsors
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History
- Signed chap.424
- Delivered to governor
- Returned to assembly
- Passed senateVote 58–0
- 3rd reading cal.552
- Substituted for S4436
- Referred to finance
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.444
- Reported
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Includes eligible businesses in certain areas designated under the Community Renewal Tax Relief Act of 2000 in the Excelsior Linked Deposit Act loan program
Senate Floor Calendar · Sponsor William T. Stachowski
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A2819
Title of bill
An act to amend the state finance law, in relation to including eligible businesses located in certain areas designated pursuant to the federal Community Renewal Tax Relief Act of 2000 in the state's Excelsior Linked Deposit Act loan program
Purpose of the bill
This bill will allow qualifying businesses located in certain areas designated under the Federal Community Renewal Tax Relief Act of 2000 to be eligible for numerous loans at the most beneficial interest rate provided through the Excelsior Linked Deposit program.
Summary of specific provisions
§ 1 - Amends § 213 of the State Finance Law by adding four new subdivi- sions 12-a, 12-b, 22 and 23 to define "empowerment zone", "enterprise community", "renewal community" and "renewal community business."
§ 2 - Amends subdivision 11 of §2l3 of the State Finance Law by adding three new paragraphs (b-1), (b-2) and (b-3) that include a business located in a renewal community, empowerment zone or enterprise community within the definition of an eligible business.
§ 3 - Amends paragraph (c) of subdivision 12 of §213 of the State Finance Law to add eligible businesses that are located in a renewal community, empowerment zone or enterprise community within the defi- nition of eligible projects.
§ 4 - Amends paragraph (a) of subdivision 16 of §213 of the State Finance Law to add eligible businesses that are located in a renewal community, empowerment zone or enterprise community within the defi- nition of linked deposit interest rate.
§ 5 - Amends subdivision 1 of § 218 of the State Finance Law to add eligible businesses that are located in a renewal community, empowerment zone or enterprise community to provisions regarding interest rates for linked loans and the lenders fees.
§ 6 - Effective date.
Justification
The Linked Deposit Program leverages loans from participating banks and other lending institutions at a reduced interest rate. In exchange, the state accepts a commensurately lower return on short-term deposits placed with the lenders that are used for the linked loans.
Currently, small businesses located in Empire Zones or in highly distressed areas, and minority-owned and women-owned businesses or defense industry manufacturers seeking financing for specified eligible projects, are eligible for a linked loan interest rate three percentage points below the interest rate the lender would charge absent the linked
deposit. This measure would include businesses located in federal empow- erment zones, enterprise communities and renewal communities within this category. All other linked loans are two percentage points below the rate the lender would otherwise charge.
Legislative history
2007-2008: A.3265/S.4784 2005-2006: A.3209/S.445 2003-2004: A.6477/S.3432
Fiscal implications
Yet to be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.