Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 21, 2014 |
referred to commerce, economic development and small business |
Senate Bill S7627
2013-2014 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S7627 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9863
- Current Committee:
- Senate Commerce, Economic Development And Small Business
- Law Section:
- Economic Development Law
- Laws Affected:
- Amd §100, Ec Dev L; add §11-a, St Fin L
- Versions Introduced in 2015-2016 Legislative Session:
-
A2436, A8115
2013-S7627 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7627 TITLE OF BILL: An act to amend the economic development law and the state finance law, in relation to economic development grant recipients PURPOSE OR GENERAL IDEA OF BILL: The intent of this legislation is to provide a mechanism by which the state can recover certain economic development grant funds from any person or business organization that reduces the number of New York State employees up to five years after having received financial assistance from the state. SUMMARY OF SPECIFIC PROVISIONS: Section 1 adds a new paragraph to subdivision 19 of section 100 of economic development law to adopt regulations to establish terms and conditions of repayment of state grants. Section 2 adds section 11-a to state finance law to establish regulations for economic development grant recipients and conditions under which the grants must be repaid to the state. Section 3 sets the effective date. JUSTIFICATION: Clawback provisions are common and necessary for a majority of business transactions. Each year, New York State offers
2013-S7627 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7627 I N S E N A T E May 21, 2014 ___________ Introduced by Sen. O'BRIEN -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Devel- opment and Small Business AN ACT to amend the economic development law and the state finance law, in relation to economic development grant recipients THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 19 of section 100 of the economic development law is amended by adding a new paragraph (c) to read as follows: (C) TO ADOPT REGULATIONS IN ACCORDANCE WITH SECTION ELEVEN-A OF THE STATE FINANCE LAW, TO ESTABLISH THE TERMS AND CONDITIONS OF REPAYMENT, INCLUDING SPECIFYING THE CONDITIONS UNDER WHICH REPAYMENT MAY BE DEFERRED, FOLLOWING A DETERMINATION BY THE COMMISSION OF A LEGITIMATE HARDSHIP. S 2. The state finance law is amended by adding a new section 11-a to read as follows: S 11-A. REQUIREMENTS FOR ECONOMIC DEVELOPMENT GRANT RECIPIENTS. ANY PERSON OR BUSINESS ORGANIZATION WHO RECEIVES AN AWARD OR GRANT THROUGH AN ECONOMIC DEVELOPMENT PROGRAM, WHERE SUCH AWARD OR GRANT ALSO REQUIRES THE CREATION OF JOBS, SHALL NOT REDUCE THE NUMBER OF EMPLOYEES WHO WERE EMPLOYED WITHIN THE STATE AT THE TIME SUCH PERSON OR BUSINESS ORGANIZA- TION ACCEPTED THE FINANCIAL ASSISTANCE FOR FIVE YEARS AFTER RECEIVING SUCH ASSISTANCE OR DURING THE TERM OF THE AWARD OR GRANT, WHICHEVER IS LONGER, UNLESS THE FULL AMOUNT OF ASSISTANCE IS REPAID TO THE STATE AND A PENALTY EQUAL TO FIVE PERCENT OF THE TOTAL ASSISTANCE RECEIVED IS PAID TO THE STATE. AS USED IN THIS SECTION, THE TERM "BUSINESS" SHALL INCLUDE ANY DIVISION OF A BUSINESS OR SUBSIDIARY INSTITUTION CONTROLLED, DIRECT- LY OR INDIRECTLY, BY ANOTHER INSTITUTION. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14726-02-4
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.