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History
- Reported and committed to finance
- Print number 5550a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
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Provides small businesses with grants to commercialize energy and environmental technology innovations in-state
In Senate Committee · Corporations, Authorities And Commissions · Sponsor Dennis H. Gabryszak
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5550A
Title of bill
An act to amend the New York state urban development corporation act, in relation to creating the New York state innovative energy and environ- mental technology program
Purpose or general idea of bill
This legislation would provide capital grants of up to one hundred thou- sand dollars to small businesses to encourage and support innovative energy and environmental technology development and commercialization.
Summary of specific provisions
The New York state urban development corporation act is amended by adding a new section 16-v create the NYS innovative energy and environ- mental technology grants program. Through a competitive process quali- fied small businesses would be eligible for capital grants for up to one hundred thousand dollars. such grants would be used by businesses to encourage and support innovative energy and environmental technology development and commercialization in New York state.
Justification
The success of innovative energy and environmental technology-oriented businesses with growth potential is essential to the continued economic health and security of New York State. The development of new products to assist mature industries that are undergoing dramatic changes or facing increasing international competition with reducing energy costs and complying with environmental regulations can serve to retain, and even increase, employment. However, commercialization of these products is constrained as numerous small businesses are limited by lack of early stage financing. This legislation seeks to provide early stage funding to stimulate the creation of a substantial number of new businesses and jobs in the energy and environmental sector.
Prior legislative history
2009: S.1636 Finance 2008: A.8437A Passed Assembly 2007: A.8437A Passed Assembly 2006: A.6758A (Cohen A.) - Passed Assembly 2005: A.6758A (Cohen A.) - Passed Assembly
Fiscal implications
All funds for this program are subject to available budget appropriations. This legislation does not specifically fund the program. Funds would be allocated pursuant to a budget appropriate to the Urban Development corporation for the Empire State Economic Development Fund.
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.