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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1910
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
S.6962A of 2009-2010
Fiscal implications
Section 2975-a allows for recovery from IDA's of up to $5 million.
Effective date
Immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.