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History
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
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.
Provides that entities eligible to receive economic development subsidies must meet certain criteria to receive such subsidies
In Assembly Committee · Economic Development · Sponsor Darryl Towns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the economic development law, in relation to establishing the "minimum standards for subsidized jobs act"
Purpose
To make the State's economic development programs more cost effective and to provide a minimum standards for the quality of jobs that are created through economic development programs in exchange for state financial assistance.
Summary of provisions
A new Article 17 of the Economic Development Law, is created to establish minimum standards for New York State's economic development programs with regard to the wages and benefits provided to employees whose jobs were created by companies receiving more than $100,000 in State financial assistance.
Justification
The State currently provides financial incentives to companies through a variety of economic development programs, for the purpose of creating jobs. Many of these programs require the companies to agree to create a specified number of jobs in exchange for financial benefits. Unfortunately, the State has not established minimum statutory standards for the types of jobs that are created through its economic development programs.
In order for the State's investment in economic development programs to be cost effective, it must ensure that the financial incentives it provides to companies for job creation actually result in the creation of jobs with wages and benefits that provide a reasonable return in the State's investment. This means that the jobs that are created must, at a minimum, provide a living wage and benefits that ensure the employee is not also required to rely on state assistance.
Legislative history
2006: S.3041 2007: S.2648
Fiscal implications
None.
Effective date
This act shall take effect on the first of July next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.