Senate Bill S2565

2015-2016 Legislative Session

Enacts the HIRE NY act to provide loans through the urban development corporation for hiring by micro-businesses

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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-S2565 (ACTIVE) - Details

See Assembly Version of this Bill:
A6028
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add ยง16-x, UDC Act
Versions Introduced in Other Legislative Sessions:
2013-2014: S5997
2017-2018: S2870, A7434
2019-2020: S4966, A5133
2021-2022: S5227
2023-2024: S6779

2015-S2565 (ACTIVE) - Summary

Enacts the HIRE NY act to provide zero interest loans through the urban development corporation for hiring by micro-businesses.

2015-S2565 (ACTIVE) - Sponsor Memo

2015-S2565 (ACTIVE) - Bill Text download pdf

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

                                  2565

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 26, 2015
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN ACT to amend the New York state urban development corporation act, in
  relation to enacting the HIRE NY act

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the "hire indi-
viduals in the real economy New York (HIRE NY) act".
  S 2. Section 1 of chapter 174 of the laws of  1968,  constituting  the
New York state urban development corporation act, is amended by adding a
new section 16-x to read as follows:
  S 16-X. THE HIRE NEW YORK PROGRAM. 1. LEGISLATIVE INTENT. THE LEGISLA-
TURE  HEREBY  FINDS THAT MICRO-BUSINESSES ARE THE ENGINES OF OUR ECONOMY
AND ARE VITAL TO THE REVITALIZATION  OF  COMMUNITIES  AND  NEIGHBORHOODS
THROUGHOUT  THE  STATE.  THE  LEGISLATURE FURTHER FINDS THAT CURRENT LAW
FAILS TO MOTIVATE PEOPLE TO START OR EXPAND BUSINESSES. THE  LEGISLATURE
FINDS  THAT  IT IS IMPORTANT TO SPUR START-UP MICRO-BUSINESSES THAT HAVE
THE POTENTIAL TO BECOME THE JOB  ENGINES  FOR  TOMORROW'S  ECONOMY.  THE
LEGISLATURE  FURTHER  FINDS  INVESTMENTS IN ECONOMIC DEVELOPMENT FAIL TO
PROVIDE ANY FUNDING TO MICRO-BUSINESSES. THE LEGISLATURE  FURTHER  FINDS
THAT  SMALL  MICRO-BUSINESSES  WITH  THE PROPER INCENTIVES ARE POISED TO
PROVIDE SIGNIFICANT LOCAL JOB CREATION ACROSS THE STATE. THE LEGISLATURE
FURTHER FINDS THAT TAX CREDITS ARE NOT AN EFFECTIVE JOB CREATION  INCEN-
TIVE  FOR  MICRO-BUSINESSES  BECAUSE  MANY  OF THESE BUSINESSES LACK THE
INCOME THAT MAKES A TAX CREDIT MEANINGFUL. THE LEGISLATURE FURTHER FINDS
THAT CREATION OF A STATEWIDE HIRE NEW YORK FUND WILL PROVIDE THE  NEEDED
CAPITAL FOR THE BUSINESSES OF TOMORROW TO GROW AND EMPLOY MORE NEW YORK-
ERS.
  2.  DEFINITIONS.  AS  USED  IN THIS SECTION, THE FOLLOWING TERMS SHALL
HAVE THE MEANINGS INDICATED:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03880-01-5
              

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