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History
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
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.
Relates to requirements for economic development grants
In Assembly Committee · Economic Development · Sponsor Harry B. Bronson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2651 REVISED 1/30/15
Title of bill
An act to amend the economic development law and the state finance law, in relation to certain requirements for and restrictions on economic development grant recipients
Purpose
To improve the existing process of how New York State economic development grants are awarded to prospective future recipients
Summary of provisions
Section 1 states that this act may be known and cited as the "Jobs Protection Act".
Section 2 adds a new paragraph (c) to subdivision 19 of section 100 of the economic development law.
Section 3 adds a new section 11-a to the state finance law.
Section 4 provides the effective date.
Justification
It is critical that New York State do more through the process of awarding economic development grants to ensure that taxpayer monies are being invested wisely for job creation.
The Jobs Protection Act provides greater integrity to economic development grant awards by focusing on investing in companies that have a solid environmental record, worker protection record, and are committed to paying wages that can truly support individuals and their families. Additionally, the Jobs Protection Act includes an important clawback provision.
Clawback provisions are common and necessary for a majority of business transactions. Each year, New York State offers tens of millions of dollars in grant funding to foster economic growth and attract new businesses. However, in cases when these same businesses decide to leave New York State or reduce their New York State employee base, taxpayers may still be left paying the bills.
This legislation would provide that grantees shall not reduce the number of New York State employees upon receiving financial assistance from the State or up to five years after receiving such assistance, unless the full amount of the grant and a penalty is repaid to the State. This clawback mechanism is designed to protect taxpayers from continuing to fund businesses that have moved their workforce out of New York State.
Legislative history
This is a New Bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.