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History
- Print number 6962a
- Amend (t) and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
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.
Relates to the recovery of governmental costs from industrial development agencies; repealer
In Assembly Committee · Local Governments · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act in relation to the recovery of state governmental costs from industrial development agencies; and to repeal section 2975-a of the public authorities law relating thereto
Purpose or general idea of bill
This bill would repeal section 2975-a of the public authorities law that allows the state to seek recovery of governmental costs from industrial development agencies.
Justification
This bill repeals section 2975-a of the public authorities law. Under this section, the New York State Department of Taxation and Finance is authorized to seek reimbursement from IDA's for supposed state costs attributable to our IDA's.
Often times, the IDA is one of the only economic development tools that counties have to offer companies that are looking to expand or relocate here. So, for the state to begin assessing charges on IDA's would harm their ability to promote economic development and tax base expansion. To that end, this bill recognizes that by repealing this unneeded fee on economic development.
Prior legislative history
New bill.
Fiscal implications
Section 2975-a allows for recovery from IDA's of up to $5 million.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.