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History
- Print number 3258a
- Amend (t) and recommit to education
- Referred to education
- Referred to education
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 creating the NYS entrepreneurial training act of 2016
In Assembly Committee · Higher Education · Sponsor Luis R. Sepúlveda
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law, in relation to creating the "NYS entrepreneurial training act of 2016"
Purpose
This bill would amend the education law to establish the NYS Entrepreneurial Training Act of 2016.
Summary of provisions
§ 1 of this bill titles this bill the NYS Entrepreneurial Training Act of 2016.
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. $4,000,000 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 business 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.
Existing law
Such program does not exist under current law.
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 2016 will help train potential entrepreneurs. 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.
Legislative history
2014 S7406 Referred to Education
Fiscal implications
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.
Local fiscal implications
None
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.