What's happening
This bill increases the funding cap for the Excelsior Linked Deposit Program from $460 million to $525 million.
Why it matters
Expanding the funding cap allows more businesses to access low-interest loans. through the Excelsior Linked Deposit Program, potentially supporting broader economic growth and job creation, especially for small and medium-sized enterprises in New York.
Increasing the program’s capacity could make the state more attractive for business investment. by facilitating access to capital for companies looking to finance expansion, modernization, or other eligible projects.
The change signals ongoing state commitment to economic development tools. this may encourage banks and financial institutions to participate more actively, knowing the program is growing and has robust state backing.
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Who cares
- Likely support
Eligible New York businesses
The bill would expand deposit capacity for a program intended to support projects that improve their performance and competitiveness.
State Comptroller
The bill would raise the cap on state investment moneys on deposit through the program from $460 million to $525 million.
Department of Taxation and Finance
The bill would leave unchanged the separate $100 million cap on deposits from the linked deposit program fund, which the commissioner is authorized to use.
Headline styles
Raise Linked Deposit Limit
Plain English, a few words. Used as the page title.
Sponsors
4 Multi-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
2243
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. SCHIMMINGER, GALEF, MAGNARELLI, LUPARDO, JAFFEE -- Multi-Sponsored by -- M. of A. AUBRY, CAHILL, COLTON, GOTTFRIED -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.
LBD03923-01-9
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.