What's happening
The bill expands funding for business startups in New York by reserving $200 million for them within the excelsior linked deposit program.
Why it matters
Specifically targets early-stage businesses. by defining "business startup" as newly created firms in the research and development phase, potentially opening up state-backed financial support to a wider range of young companies.
Significantly increases total funding available. within the excelsior linked deposit program—from $460 million to $900 million—boosting the overall pool of low-interest loan capital for eligible businesses in New York.
Sets aside a dedicated $200 million for startups. , ensuring that early-stage companies are not competing directly with established firms for access to these funds, which could lead to increased innovation and new job creation.
Empowers the Department of Economic Development. to designate which companies qualify as "business startups," giving the state flexibility to adapt its support to evolving economic sectors and priorities.
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
Boost Funds for Startups
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Held for consideration in economic development
- Referred to economic development
- Referred to economic development
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5928
2017-2018 Regular Sessions
IN ASSEMBLY
February 17, 2017
Introduced by M. of A. KOLB, BUTLER, McLAUGHLIN -- Multi-Sponsored by -- M. of A. BARCLAY, CROUCH, CURRAN, FINCH, FITZPATRICK, GIGLIO, HAWLEY, McDONOUGH, McKEVITT, MONTESANO, OAKS, RAIA -- read once and referred to the Committee on Economic Development
AN ACT to amend the state finance law, in relation to the definition of a business startup and funds reserved for business startups
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 4 of section 213 of the state finance law, as added by chapter 705 of the laws of 1993 and as further amended by section 15 of part GG of chapter 63 of the laws of 2000, is amended to read as follows:
4. (a) "Certified business" means a business located in an empire zone created pursuant to article eighteen-B of the general municipal law and certified pursuant to such article as eligible for the benefits referred to in section nine hundred sixty-six of such article, or a business startup as defined in this subdivision.
(b) "Business startup" means a newly created business in its early research and development stage, as designated by the department of economic development.
§ 2. 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] nine hundred [sixty] million dollars of such moneys shall be on deposit
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08087-01-7
A. 5928 2
pursuant to the program at any given time, provided that two hundred million dollars of such funds shall be reserved for business startups as defined by subdivision four of section two hundred thirteen of this article. 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.
§ 3. This act shall take effect immediately.
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.