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Sponsors
2 Co-sponsors
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.1328
- Reported and committed to rules
- Notice of committee consideration - requested
- Referred to finance
- Referred to finance
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.
Increases from $1,000,000 to $2,000,000 the aggregate of linked loans that an agricultural project may receive during the linked loan program
In Assembly Committee · Ways And Means · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to increasing the aggregate amount of linked loans an agricultural project may receive and the term of a linked deposit
Purpose
To expand the terms of the current Linked Deposit program to reflect the changing needs of the agricultural industry and lending community.
Summary of provisions
Section 217 of State Finance Law is amended to increase the aggregate farm project limits from $1 million to $2 million. This section is also amended to extend the terms of the Linked Deposit program for farm projects from four to six years.
Existing law
Section 217 of State Finance currently dictates that the total of linked deposit loans for a farm is capped at $1 million. The current term of a Linked Deposit project is four years.
Justification
Since its inception, the Linked Deposit Program has been very helpful in funding farm expansion projects in New York State. For example, at the end of 2006, Farm Credit associations (the predominant agricultural lender in New York State) had 28 projects worth approximately $8 million in the program. With continued modification of the program, agricultural lenders can help to further invest in farming in the state.
The Linked Deposit program currently limits the amount of anyone project to $1,000,000 and has the lifetime limit for anyone business of $1 million. As farming is a capital intensive industry, the $1 million cap is a significant limiting factor for using this program and spurring agricultural economic development in Upstate New York and Long Island. This legislation would increase the aggregate cap to $2 million to facilitate on-farm lending and investment.
In addition, the current length of a Linked Deposit with a particular lender is currently four years in duration. Expansion of this term to six years for farm projects would extend the Linked Deposit interest rate benefit for an additional two years to further incentivize farm investment.
Legislative history
A.10976A of 2008.
Fiscal implications
None.
Effective date
Effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.