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History
- Referred to finance
- Print number 3894a
- Amend (t) and recommit to finance
- Referred to finance
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.
Establishes the New York state innovation voucher program
In Senate Committee · Finance · Sponsor David Buchwald
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3894A
Title of bill
An act to amend the urban development corporation act, in relation to establishing the New York state innovation voucher program
Purpose or general idea of bill
This legislation creates the New York State "Innovation Vouchers" program Under the program, Innovation Vouchers would go directly to small businesses, to provide dollar-for-dollar matching funds to acquire expertise from colleges and universities, government laboratories and public research institutes. A public-private partnership would be formed, connecting small businesses with research and development facilities to create jobs and innovation in New York.
Summary of specific provisions
Section 1. defines the title as the "New York State Innovation Voucher Program Act "
Section 2, Paragraph 1 establishes the New York State Innovation Voucher Program within the Empire State Development Corporation.
Section 2, Paragraph 2 defines the terms in the act.
Section 2, Paragraph 3 describes the selection of eligible recipients.
Section 2, Paragraph 4 requires the Empire State Development Corporation to identify a list of potential research and development partners in New York State, and post such list on their website, which would be required to be updated quarterly.
Section 2, Paragraph 5 establishes Innovation Vouchers for up to $10,000 and requires the Empire State Development Corporation to institute criteria for voucher eligibility determination. In rare occasions, Innovation Vouchers of $50,000 may be awarded to an exceptional applicant. Recipients must match each voucher dollar-for-dollar, and may choose a research and development partner that they find compatible. The Empire State Development Corporation is authorized to establish a payment structure to the recipient through rules and regulations.
Section 2, Paragraph 6 requires the Empire State Development Corporation to provide outreach to small businesses, including but not limited to minority- and women-owned enterprises and veteran-owned businesses.
Section 2, Paragraph 7 requires periodic evaluation of the Innovative Voucher program to measure its economic impact.
Section 2, Paragraph 8 authorizes the Empire State Development Corporation use funds available under the Economic Development Fund (Section 16-m of the Urban Development Corporation Act) or from any other funds appropriated.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.