What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- 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 financial assistance to small businesses for the purpose of pollution prevention, control and compliance
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5495
Title of bill
An act to amend the economic development law, the public authorities law and the New York state urban development corporation act, in relation to financial assistance to small businesses for the purpose of pollution prevention, control and compliance
Purpose or general idea of bill
To amend the economic development law, the public authorities law and the New York State Urban Development Corporation Act, in relation to financial assistance to small businesses for the purpose of pollution prevention, control and compliance.
Summary of specific provisions
Section 1. Paragraphs 1 and m of subdivision 2 of section 137 of the economic development law, paragraph 1 as amended and paragraph m as added by chapter 594 of the laws of 1994, are amended and a new paragraph n is added.
Justification
Recent amendments to federal and state environmental laws, including the federal Clean Air Act of 1990 and State Clean Air Compliance Act of 1993, have imposed considerable new burdens on many small businesses across New York State. As a result of these new regulatory activities, many small firms must now invest in changes in production methods or equipment at a time when access to capital for small businesses is generally difficult.
Both private and public sources of financing have historically avoided small business lending because of the relatively higher risks and administrative costs of those loans. This bill would build upon existing relationships between the small business and the financial institution and involve the expenditure of State funds only in the event of default on the loan. The fund would not only assist small businesses and New York State in achieving compliance with environmental law, but would also assist many businesses in developing better credit relationships with private lenders.
This bill explicitly fosters investment in pollution prevention activities, since such activities are the most effective way to achieve compliance and enhance environmental performance. Often, pollution prevention projects undertaken in an effort to comply with environmental laws take a company beyond compliance, reducing or eliminating the discharge of pollutants into the environment and saving the company beyond compliance, reducing or eliminating the discharge of pollutants into the environment and saving the company considerable money through increased efficiency and productivity, and reduced waste treatment, storage, transportation, disposal and liability costs. For these reasons, the bill would enhance access to capital for small businesses seeking to pursue pollution prevention, even when compliance is not an immediate issue.
Prior legislative history
2014: A5578, Scarborough, Referred to Ways and Means
Fiscal implications for state and local governments
None.
Effective date
This act shall take affect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.