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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred 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.
Provides that a public authority or municipality may not provide a tax benefit without declaring a specific listing of the public benefit
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor James F. Brennan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2759
Title of bill
An act to amend the public authorities law, in relation to public benefits in exchange for public funds
Purpose or general idea of the bill
To assure there is a public bene- fit being achieved when state and local authorities and other govern- mental entities provide economic or financial benefits to private enti- ties.
Summary of provisions
Amends the Public Authorities Law by adding a new section 2928 which would ban state and local authorities and other governmental entities from issuing, approving or seeking the grant or transfer of economic or financial benefits to a private entity without specific public benefits being published first.
Justification
As taxpayer support for private corporations and private economic activity has mushroomed in recent years, the fundamental ques- tion of public benefit has surfaced and resurfaced, without a consistent and satisfying answer. Critics on both the left and right have decried these taxpayer subsidies as socialism, wasteful, corrupt, anti-free enterprise, and unfair to average citizens whose economic struggles are undertaken without public subsidy. Yet the phrases "economic develop- ment", 'job creation", "growth", etc. retain enormous political power. A real analysis of these subsidies has yet to be done, but there clearly is growing pressure to insure that public benefits flaw from public investments. It is clear, however, that everyone from the most ardent supporter to the most ardent critic of the deal agrees that public subsidies are a decision to employ taxpayer money for the benefit of the public. Without a measurable, identifiable, specific and significant public benefit, public financial assistance should not be given. This bill will protect public funds and ensure that a true public benefit will be achieved when large economic development projects are subsidized by New Yorkers.
Legislative history
2021-12: S.4449/A.6118 - CORPORATIONS/corporations 2009-10: A.7659 -- corporations
Fiscal implications
No negative fiscal implications.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.