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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.
Provides for recovery of economic development awards in cases where the recipient relocates outside the state
In Assembly Committee · Economic Development · Sponsor Rodneyse Bichotte Hermelyn
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the economic development law, in relation to including among the commissioner's duties a mandate to include in all economic development subsidy agreements provisions allowing the state to recover previously issued awards from fund recipients in the event of relocation outside the state
Purpose
To recover state revenue intended to retain business when the business relocates out of state prior to five years from the receipt of the award.
Summary of provisions
Subdivision 19 of section 100 of the economic development law is amended by adding a new paragraph (c) which would require any business that receives economic assistance from the State and subsequently relocates outside of New York State, to repay all such assistance received for the five years prior to such relocation. Repayment of any award to the state shall be made pursuant to the timeframe specified in the award agreement.
Justification
Provides for the recovery of economic development awards in cases where the recipient relocates outside the state.
Legislative history
2013-2014: S.952 - Died in Commerce and Economic Development and Small Business 2011-12: S.1893 - Died in Commerce and Economic Development 03/16/09 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS 01/06/10 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
Fiscal implications
Savings for the state to provide funding to businesses that are dedicated to remaining in the State.
Effective date
This act shall take effect immediately, and shall apply only to economic development awards made after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.