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S5533Senate2013-2014 Session

Enacts the "economic development performance review act"; directs state agencies to conduct annual comprehensive performance review of economic development activities

Sponsor Terry GipsonSD-41Affects Economy
Status
In Senate Committee
Commerce, Economic Development And Small Business
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Commerce, Economic Development And Small Business

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Who cares

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Sponsors

Primary sponsor
Terry Gipson

Senator · Senate District 41

No co-sponsors yet.

History

  1. Print number 5533a
  2. Amend and recommit to commerce, economic development and small business
  3. Referred to commerce, economic development and small business
  4. 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:S5533A

Title of bill

An act to amend the economic development law, in relation to establishing the economic development performance review act

Summary of provisions

Adds a new Article 15 to the Economic Development Law which directs any State agency engaged in economic development activities to prepare an annual performance review of their programs.

Justification

Economic development incentives remain important tools for communities to attract and retain growing businesses. These incentives are by no means giveaway programs. They are investments that must generate positive economic returns by creating jobs and generating new tax revenue. As such, we must ensure that state funded programs for economic development are performance-based; programs must reach job and investment goals in order to receive benefits. This bill would ensure that economic development programs funded with state funds are subject to annual review, enabling the state to evaluate the effectiveness of these programs and make any necessary changes.

In addition, state legislature is ultimately accountable for the use of state funds. As such, it must put in place proper procedures to ensure fiscal accountability, to be able to determine if public funds are being invested wisely in programs that have the greatest return to the state. Smart investments in economic development create jobs and create revenues for the state. Verifying that programs are working brings a higher level of accountability to the use of public funds.

Legislative history

01/13/11 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT & SMALL BUSINESS 01/04/12 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT & SMALL BUSINESS 05/06/13 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT & SMALL BUSINESS

Fiscal implications

To be determined.

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.