Senate Bill S555

2015-2016 Legislative Session

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

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Sponsored By

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

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2015-S555 (ACTIVE) - Details

See Assembly Version of this Bill:
A6752
Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Amd ยง100, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3307
2011-2012: S1893
2013-2014: S952, A7239
2017-2018: S3628, A776
2019-2020: S4612
2021-2022: S5021
2023-2024: S6198

2015-S555 (ACTIVE) - Summary

Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; provides that repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

2015-S555 (ACTIVE) - Sponsor Memo

2015-S555 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   555

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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, 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

  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 CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
FER  MONEY  OF  THE STATE TO A RECIPIENT THROUGH AN ECONOMIC DEVELOPMENT
PROGRAM OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE  BY
A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
OUTSIDE  THE  STATE  WITHIN  FIVE  YEARS FROM THE DATE OF RECEIVING SUCH
AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
  S 2. This act shall take effect immediately, but shall apply  only  to
economic development awards made after such date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03669-01-5

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