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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 3226a
- Amend and recommit to commerce, economic development and small business
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3226A
Title of bill
An act to amend the public authorities law, in relation to creating the small business technology investment fund
Purpose or general idea of bill
Authorizes the New York State Foundation for Science, Technology and Innovation (hereinafter the "Foundation") to invest in regional investment funds that provide seed capital to qualified enterprises
Summary of specific provisions
The Foundation would issue RFPs to regional and local economic development organizations, technology development organizations, research universities, and equity funds and make awards in regional equity funds to provide seed capital for early stage commercialization of technologies The equity funds would be managed by individuals who have such expertise and funds would be awarded to firms which have the greatest potential for job creation. Individual investments would not exceed two million dollars and be matched by at least a one-to-one basis with funds other than state monies. The foundation would require regional funds to file annual reports on the use of funds and is required to summarize and evaluate these reports for the legislature and the governor. The foundation board is required to prepare a plan for liquidation of the fund within 90 days of the enactment of this legislation.
Effects of present law which this bill would alter
None.
Justification
This bill introduces the concept of "investing in investors" by enabling the Foundation to decentralize its investment program The State has many successful regional investment funds that can provide such assistance, which increases the chances of success of new ventures
Prior legislative history
2011-2012: S.5469 - COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS; A.5147 - Enacting Clause Stricken A.1111-A of 2010 A.1111 of 2009 A.11115A of 2008
Fiscal implications for state and local governments
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.