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History
- Referred to education
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Sponsor's memo
BILL NUMBER:S7406
Title of bill
An act to amend the education law, in relation to creat- ing the "NYS entrepreneurial training act of 2014"
Purpose or general idea of bill
This bill would amend the education law to establish the NYS Entrepre- neurial Training Act of 2014.
Summary of specific provisions
§ 1 of this bill titles this bill the NYS Entrepreneurial Training Act of 2014.
Subsection 2 details the provisions of the act as follows.
1. Cities of over 100,000 people shall be allocated $500,000 for a program to train entrepreneurial candidates.
a. $100,000 for the operation of the program
b. $400,000 for 40 $10,000 grants to successful graduates of the program.
2. Cities of over 1,000,000 people shall be allocated $5,000,000 for a program to train entrepreneurial candidates.
a. $1,000,000 for the operation of the program
b. $4,00,000 for 400 $10,000 grants to successful graduates of the program.
3. The New York State Education Department is to set guidelines for the program. Programs shall be administered by individual cities.
4. The New York State Education Department guidelines for the program shall require minimum grades and attending for successful graduation. Each participant, as part of the program, shall submit a gradable busi- ness plan for use of the grant money.
5. Program must include at least 20% participants who qualify as MWBEs under NYS law.
6. Program must include at least 10% participants who are veterans of the U.S. military.
Justification
According the Bureau of Labor Statistics, since the last recession, from mid-2009 to 2011, small firms accounted for 67 percent of the net new jobs. As New York State continues to recover from the "Great Recession,"
job growth has not been as strong as in past recessions. Given the fact that this economic downturn was the worst financial crisis in seven decades, it is understandable that the recovery has taken longer than normal.
As a way to stimulate start-up businesses and job creation, the NYS Entrepreneurial Training Act of 2014 will help train potential entrepre- neurs. Instead of just handing money over to potential entrepreneurs, NYS Entrepreneurial Training Act of 2014 will train them how to start and manage a business. Training potential entrepreneurs will make their start-up businesses more like to succeed.
As the new businesses begin to grow, they will hire new employees and increase tax revenues to the state.
Prior legislative history
This is a new bill.
FISCAL IMPLICATIONS FOR STATE & LOCAL.GOVERNMENTS:
The initial cost to the state will be approximately $5.5 million. Over time, the state will receive additional taxes, including sales and employments taxes, that is undetermined at this time.
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.