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History
- Print number 3446a
- Amend and recommit to corporations, authorities and commissions
- 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.
Enacts the unified economic development budget act
In Assembly Committee · Ways And Means · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3446A
Title of bill
An act to amend the business corporation law, in relation to enacting the unified economic development budget act
Purpose
Directs the Division of the Budget to prepare an annual Unified Economic Development Budget that outlines the aggregate amounts of State investments in economic development projects statewide, the benefactors of these investments and the number of jobs businesses created or retained as a result of this development assistance.
Summary of provisions
Section 1. Short title.
§ 2. The Business Corporation Law is amended by adding a new article 14.
§ 1401. Definitions.
§ 1402. Unified Economic Development Budget. (a) The Division of the Budget, in collaboration with the Department of Taxation and Finance, is directed to prepare each fiscal year, ending on or after June 30, 2016, a Unified Economic Development Budget. (b) Specifies that all data in the Unified Economic Development Budget is subject to the Freedom of information Act, excluding certain tax information. (c) Tax expenditure appendix.
§ 1403. Standardized applications for State development assistance.(a) Standardizes criteria for applications to the Division of the Budget, industrial development agencies and other state granting body. (b) Minimum requirements for application form completion. (c) Authorizes the Division of the Budget to modify the standardized application.
§ 1404. State Development Assistance Disclosure. (a) Requires all state granting bodies and industrial development agencies to annually submit to the Division of the Budget copies of all development assistance agreements approved in the prior calendar year. (b) Requires recipients of development assistance to submit to the Division of the Budget annual progress reports. (c) Authorizes any state granting body and industrial development agency to verify information in a development assistance recipient's progress reports. (d) Requires the Division of the Budget to compile and publish all data in all progress reports, beginning June 1, 2016.
Existing law
None.
Justification
New York State annually invests billions of dollars in economic develop projects each year, regularly in the form of grants, loans or tax expenditures. However, it is difficult to ascertain the extent end effectiveness of this spending because the responsibility of granting this development assistance is spread across several State entities. There is also no single source of reference outlining these entities' economic development initiatives. For the same reasons, it is difficult to ascertain who are the benefactors of this development assistance and whether they are providing the State with an adequate return on investment, usually in the form of new or retained jobs.
This legislation directs and authorizes the Division of the Budget to prepare annually a Unified Economic Development Budget that outlines the aggregate amounts of State investments in economic development projects statewide, the benefactors of these investments and the number of Jobs they created or retained as a result of this development assistance. The legislation also standardizes the types of information that State entities and recipients of development assistance must report to the Division of the Budget.
Fiscal implications
Unknown.
Effective date
This act shall take effect on the ninetieth day after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.