Makes technical changes relating to annual reports required to be compiled by the division for small-business on the state of small businesses

BILL NUMBER:S6301

Title of bill

An act to amend the economic development law, in relation to requiring the division for small business to compile an annual report on the state of small businesses

Purpose

This bill will amend Chapter 451 of the Laws of 2013 by extending the date by which the annual report on the state of small businesses must be completed and submitted to state leaders. This legislation also focuses the scope of specific criteria required for inclusion within such report.

Summary of provisions

Section 1: Amends section 134 of the economic development law by requiring the division of small business to compile an annual report on the state of small businesses by June 1, 2014. Per this legislation, such report shall contain an analysis of relevant and available employment, statistical and economic data of the various small business sectors throughout NYS as well as an identification and review of state and local regulations facing each small business sector.

Section 2: Establishes the effective date.

Justification

The Division of Small Businesses was created with the intent to encourage small business development. To date, reports on small business ownership and trends have inadequately bridged gaps between data and reality in terms of small businesses. Moreover, accessibility to this data has been severely hampered for small and micro-business owners. Data related to categories and trends over time has been limited.

While larger businesses and companies can afford to research and develop analyses on such data, small and micro-businesses do not maintain the resources to do so.

While the state takes steps to address discrepancies and provide small businesses with a level-playing field, the lack of information and data severely limits any potential action or steps such businesses may take to grow or expand. Things such as penalties and fines that all businesses incur at one point or another have drastically different consequence depending on the size of relevant businesses. Access to such information in a timely manner, without disruption of services, can help mitigate small and micro-businesses start-up costs and issues.

Legislative history

New Bill

Fiscal implications

None.

Effective date

This act shall take effect immediately and shall be deemed to have been in full force and effect on and after the effective date of chapter 451 of the Laws of 2013.