What's happening
This bill increases the maximum funding for the Excelsior Linked Deposit Program from $460 million to $525 million.
Why it matters
Expanding the Excelsior Linked Deposit Program’s maximum funding allows more businesses to access below-market interest rate loans. , which could boost participation from small and medium-sized enterprises seeking to invest in growth, technology, or job creation.
The higher funding cap potentially increases the state’s economic development impact. by enabling a wider range of projects—especially those that may have previously been excluded due to limited program capacity.
This change signals continued state support for business competitiveness and modernization. , as the program specifically targets projects that help companies improve performance and adapt to market challenges, which could help keep New York’s economy robust and innovative.
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Who cares
Headline styles
Increase Linked Deposit Cap
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to economic development
- Referred to economic development
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2193
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. SCHIMMINGER, GALEF, MORELLE, MAGNARELLI, LUPARDO, JAFFEE -- Multi-Sponsored by -- M. of A. AUBRY, CAHILL, COLTON, FARRELL, GOTTFRIED, HOOPER, LOPEZ -- read once and referred to the Committee on Economic Development
AN ACT to amend the state finance law, in relation to the excelsior linked deposit program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 214 of the state finance law, as amended by section 1 of part P of chapter 59 of the laws of 2007, is amended to read as follows:
§ 214. Establishment and purpose; linked deposit program authorization. The excelsior linked deposit program is hereby created. The purpose of the program is to encourage and assist eligible businesses within the state to undertake eligible projects that will materially contribute to improving their performance and competitiveness. The comptroller is hereby authorized to use any moneys of the state the comptroller is authorized to invest pursuant to section ninety-eight-a of this chapter as linked deposits for the program. Not more than [four] five hundred [sixty] twenty-five million dollars of such moneys shall be on deposit pursuant to the program at any given time. The commissioner of taxation and finance is hereby authorized to use funds in the linked deposit program fund established pursuant to section ninety-two-v of this chapter as linked deposits for the program. Not more than one hundred million dollars from the linked deposit program fund shall be on deposit pursuant to the program at any given time.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05813-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.