Assembly Bill A6286

2021-2022 Legislative Session

Relates to the creation of micro-business worker cooperatives upon transfer of ownership

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6394 - Passed Assembly

  • 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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2021-A6286 (ACTIVE) - Details

See Senate Version of this Bill:
S6394
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act; amd §104-a, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10099
2017-2018: A2804, S6855
2019-2020: A10156, S2176

2021-A6286 (ACTIVE) - Summary

Relates to the creation of micro-business worker cooperatives upon transfer of ownership.

2021-A6286 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6286
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 12, 2021
                                ___________
 
 Introduced  by  M.  of  A. STIRPE, OTIS -- read once and referred to the
   Committee on Small Business
 
 AN ACT to amend the New York state urban development corporation act and
   the economic development law, in relation to the creation of micro-bu-
   siness worker cooperatives upon transfer of ownership

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 1 of section 16-m of 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 paragraph (o) to read as
 follows:
   (O) ASSISTANCE TO ELIGIBLE ENTITIES PURSUANT TO ARTICLE FIVE-A OF  THE
 COOPERATIVE  CORPORATIONS LAW TO PROVIDE FINANCING IN THE FORM OF LOANS,
 LOAN GUARANTEES, AND INTEREST SUBSIDY GRANTS  TO  SUBSIDIZE  LOANS  FROM
 FEDERALLY  CHARTERED  INSTRUMENTALITIES  AND  STATE  AND PRIVATE LENDING
 INSTITUTIONS TO FACILITATE THE  CREATION  OF  WORKER  COOPERATIVES  THAT
 PROMOTE  CONTINUATION OF EXISTING MICRO-BUSINESSES EITHER AS A PART OF A
 PREEXISTING BUSINESS SUCCESSION OF  OWNERSHIP  PLAN  OR  AS  ALTERNATIVE
 OPTION  IF  A  BUSINESS  IS  BEING  OFFERED  FOR SALE OR TRANSFER BY THE
 CURRENT OWNER OR THE HEIRS OR  ESTATE  OF  A  DECEASED  OWNER.  FOR  THE
 PURPOSES  OF  THIS SECTION, A MICRO-BUSINESS SHALL BE DEFINED AS A BUSI-
 NESS WITH FIVE OR LESS FULL-TIME OR FULL-TIME EQUIVALENT EMPLOYEES.  ALL
 ELIGIBLE ENTITIES SHALL BE REQUIRED TO SUBMIT A BUSINESS PLAN WITH THEIR
 APPLICATION REQUESTING ASSISTANCE.
   §  2.  The opening paragraph of section 104-a of the economic develop-
 ment law, as added by chapter 788 of the laws of  1983,  is  amended  to
 read as follows:
   With  respect  to  employee ownership assistance loans provided for in
 subtitle six of title eight of article eight of the  public  authorities
 law AND PARAGRAPH (O) OF SUBDIVISION ONE OF SECTION SIXTEEN-M OF SECTION
 ONE  OF CHAPTER ONE HUNDRED SEVENTY-FOUR OF THE LAWS OF NINETEEN HUNDRED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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