S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1275
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2021
                                ___________
 
 Introduced by Sens. KRUEGER, BIAGGI, GOUNARDES, LIU, SERRANO, SKOUFIS --
   read  twice  and  ordered printed, and when printed to be committed to
   the Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the business corporation law, in  relation  to  enacting
   the unified economic development budget act

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "unified economic development budget act".
   §  2.  The business corporation law is amended by adding a new article
 14 to read as follows:
                                ARTICLE 14
                    UNIFIED ECONOMIC DEVELOPMENT BUDGET
 SECTION 1401. DEFINITIONS.
         1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
         1403. STANDARDIZED APPLICATIONS FOR  STATE  DEVELOPMENT  ASSIST-
                 ANCE.
         1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
 § 1401. DEFINITIONS.
   AS USED IN THIS ARTICLE:
   (A)  "ANNUAL  TAX  EXPENDITURE  REPORT"  IS  AS DEFINED BY SECTION ONE
 HUNDRED EIGHTY-ONE OF THE EXECUTIVE LAW.
   (B) "BASE YEARS" MEANS THE FIRST TWO COMPLETE CALENDAR YEARS FOLLOWING
 THE EFFECTIVE DATE OF A RECIPIENT RECEIVING DEVELOPMENT ASSISTANCE.
   (C) "DATE OF ASSISTANCE" MEANS THE COMMENCEMENT DATE OF THE ASSISTANCE
 AGREEMENT, WHICH DATE TRIGGERS THE PERIOD DURING WHICH THE RECIPIENT  IS
 OBLIGATED  TO  CREATE  OR  RETAIN  JOBS  AND  CONTINUE OPERATIONS AT THE
 SPECIFIC PROJECT SITE.
   (D) "DEVELOPMENT ASSISTANCE" MEANS: (1) TAX EXPENDITURES GIVEN  AS  AN
 INCENTIVE  TO  RECIPIENT  BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS AND
 GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES;

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

                                                            LBD05752-01-1

 S. 1275                             2
 
   (2) GRANTS OR LOANS AWARDED BY ALL STATE GRANTING  BODIES  AND  INDUS-
 TRIAL  DEVELOPMENT  AGENCIES TO BUSINESSES, NOT-FOR-PROFIT ORGANIZATIONS
 AND GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES; AND
   (3)  ALL  SUCCESSOR AND SUBSEQUENT DEVELOPMENT ASSISTANCE PROGRAMS AND
 TAX EXPENDITURES DESIGNED TO  PROMOTE  LARGE  BUSINESS  RELOCATIONS  AND
 EXPANSIONS.
   (E) "DEVELOPMENT ASSISTANCE AGREEMENT" MEANS ANY AGREEMENT EXECUTED BY
 THE STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY AND THE RECIPI-
 ENT  SETTING FORTH THE TERMS AND CONDITIONS OF DEVELOPMENT ASSISTANCE TO
 BE PROVIDED TO THE RECIPIENT CONSISTENT WITH THE FINAL  APPLICATION  FOR
 DEVELOPMENT ASSISTANCE, INCLUDING BUT NOT LIMITED TO THE DATE OF ASSIST-
 ANCE, SUBMITTED TO AND APPROVED BY THE STATE GRANTING BODY OR INDUSTRIAL
 DEVELOPMENT AGENCY.
   (F) "DIVISION" MEANS, UNLESS OTHERWISE NOTED, THE NEW YORK STATE DIVI-
 SION OF THE BUDGET OR ANY SUCCESSOR AGENCY.
   (G) "ECONOMIC DEVELOPMENT" MEANS ANY ECONOMIC ACTIVITY TO INCREASE TAX
 REVENUE,  TAX  BASE,  OR  EMPLOYMENT OR IMPROVE GENERAL ECONOMIC HEALTH,
 WHEN THE ACTIVITY INVOLVES:
   (1) THE PLANNING, DESIGN, DEVELOPMENT,  CONSTRUCTION,  REHABILITATION,
 BUSINESS  RELOCATION,  OR  ANY COMBINATION OF THESE, WITHIN A COMMUNITY;
 AND
   (2) THE PROVISION OF OFFICE, INDUSTRIAL,  MANUFACTURING,  WAREHOUSING,
 DISTRIBUTION,  PARKING,  PUBLIC,  OR OTHER FACILITIES, OR OTHER IMPROVE-
 MENTS THAT BENEFIT THE STATE OR A COMMUNITY;
 BUT DOES NOT RESULT IN THE TRANSFER OF LAND TO PUBLIC OWNERSHIP  OR  THE
 TRANSFER  OF  PROPERTY TO A PRIVATE ENTITY THAT IS A PUBLIC UTILITY, THE
 LEASE OF PROPERTY TO PRIVATE ENTITIES THAT  OCCUPY  AN  INCIDENTAL  AREA
 WITHIN A PUBLIC PROJECT OR THE REMEDY OF BLIGHT.
   (H)  "FULL-TIME,  PERMANENT JOB" MEANS A JOB IN WHICH THE NEW EMPLOYEE
 WORKS FOR THE RECIPIENT AT A RATE OF  AT  LEAST  THIRTY-FIVE  HOURS  PER
 WEEK.
   (I)  "INDUSTRIAL  DEVELOPMENT  AGENCY"  MEANS  AN AGENCY AS DEFINED BY
 SECTION EIGHT HUNDRED FIFTY-FOUR OF THE GENERAL MUNICIPAL LAW.
   (J) "NEW EMPLOYEE" MEANS A FULL-TIME, PERMANENT EMPLOYEE  WHO  REPRES-
 ENTS  A  NET  INCREASE IN THE NUMBER OF THE RECIPIENT'S EMPLOYEES STATE-
 WIDE. "NEW EMPLOYEE" INCLUDES AN EMPLOYEE WHO PREVIOUSLY  FILLED  A  NEW
 EMPLOYEE POSITION WITH THE RECIPIENT WHO WAS REHIRED OR CALLED BACK FROM
 A  LAYOFF  THAT OCCURS DURING OR FOLLOWING THE BASE YEARS. THE TERM "NEW
 EMPLOYEE" DOES NOT INCLUDE ANY OF THE FOLLOWING:
   (1) AN EMPLOYEE OF THE RECIPIENT WHO PERFORMS A JOB THAT WAS PREVIOUS-
 LY PERFORMED BY ANOTHER EMPLOYEE IN THIS STATE, IF THAT JOB  EXISTED  IN
 THIS STATE FOR AT LEAST SIX MONTHS BEFORE HIRING THE EMPLOYEE; OR
   (2) A CHILD, GRANDCHILD, PARENT, OR SPOUSE, OTHER THAN A SPOUSE WHO IS
 LEGALLY  SEPARATED  FROM  THE  INDIVIDUAL,  OF  ANY INDIVIDUAL WHO HAS A
 DIRECT OR INDIRECT OWNERSHIP INTEREST OF AT LEAST FIVE  PERCENT  IN  THE
 PROFITS, CAPITAL, OR VALUE OF ANY MEMBER OF THE RECIPIENT.
   (K)  "PART-TIME  JOB"  MEANS A JOB IN WHICH THE NEW EMPLOYEE WORKS FOR
 THE RECIPIENT AT A RATE OF LESS THAN THIRTY-FIVE HOURS PER WEEK.
   (L) "RECIPIENT" MEANS ANY BUSINESS THAT RECEIVES ECONOMIC  DEVELOPMENT
 ASSISTANCE.  A  BUSINESS  IS ANY CORPORATION, LIMITED LIABILITY COMPANY,
 PARTNERSHIP, JOINT VENTURE, ASSOCIATION, SOLE PROPRIETORSHIP,  OR  OTHER
 LEGALLY RECOGNIZED ENTITY.
   (M)  "RETAINED  EMPLOYEE" MEANS ANY EMPLOYEE DEFINED AS HAVING A FULL-
 TIME OR FULL-TIME EQUIVALENT JOB PRESERVED AT  A  SPECIFIC  FACILITY  OR
 SITE,  THE  CONTINUANCE  OF WHICH IS THREATENED BY A SPECIFIC AND DEMON-

 S. 1275                             3
 
 STRABLE THREAT, WHICH SHALL BE SPECIFIED IN THE APPLICATION FOR DEVELOP-
 MENT ASSISTANCE.
   (N)  "SPECIFIC  PROJECT  SITE" MEANS THAT DISTINCT OPERATIONAL UNIT TO
 WHICH ANY DEVELOPMENT ASSISTANCE IS APPLIED.
   (O) "STATE GRANTING BODY" MEANS THE DIVISION AND/OR  ANY  OTHER  STATE
 DEPARTMENT, AGENCY, BUREAU, OFFICE, COMMISSION, PUBLIC AUTHORITY, PUBLIC
 CORPORATION  AND ANY OTHER STATE ENTITY THAT PROVIDES AND/OR ADMINISTERS
 DEVELOPMENT ASSISTANCE THAT HAS REPORTING REQUIREMENTS UNDER THIS  ARTI-
 CLE, AND ANY SUCCESSOR AGENCIES TO ANY OF THE PRECEDING ENTITIES.
   (P)  "TAX EXPENDITURE" IS AS DEFINED BY SECTION ONE HUNDRED EIGHTY-ONE
 OF THE EXECUTIVE LAW.
   (Q) "TEMPORARY JOB" MEANS A JOB IN WHICH THE NEW EMPLOYEE IS HIRED FOR
 A SPECIFIC DURATION OF TIME OR SEASON.
   (R) "VALUE OF ASSISTANCE" MEANS THE FACE VALUE OF ANY FORM OF DEVELOP-
 MENT ASSISTANCE.
 § 1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
   (A) FOR EACH STATE FISCAL YEAR ENDING ON OR AFTER JUNE THIRTIETH,  TWO
 THOUSAND TWENTY-FOUR, THE DIVISION, IN COLLABORATION WITH THE DEPARTMENT
 OF  TAXATION AND FINANCE, SHALL SUBMIT AN ANNUAL UNIFIED ECONOMIC DEVEL-
 OPMENT BUDGET TO THE GOVERNOR, SENATE AND ASSEMBLY. THE UNIFIED ECONOMIC
 DEVELOPMENT BUDGET SHALL BE DUE WITHIN THREE MONTHS AFTER THE END OF THE
 FISCAL YEAR, AND SHALL  PRESENT  ALL  TYPES  OF  DEVELOPMENT  ASSISTANCE
 GRANTED DURING THE PRIOR FISCAL YEAR, INCLUDING:
   (1)  THE  AGGREGATE AMOUNT, PREPARED BY THE DEPARTMENT OF TAXATION AND
 FINANCE AND PRESENTED AS STATE TOTALS, OF ACTUAL UNCOLLECTED OR DIVERTED
 STATE TAX REVENUES RESULTING FROM EACH TYPE  OF  DEVELOPMENT  ASSISTANCE
 PROVIDED  PURSUANT  TO  LAW,  AS  REPORTED IN THE ANNUAL TAX EXPENDITURE
 REPORT;
   (2) THE AGGREGATE AMOUNT, PREPARED BY THE DIVISION  AND  PRESENTED  AS
 STATE  TOTALS, OF DEVELOPMENT ASSISTANCE GRANTS AND LOANS AWARDED BY ALL
 STATE AND INDUSTRIAL DEVELOPMENT AGENCIES TO BUSINESSES,  NOT-FOR-PROFIT
 ORGANIZATIONS AND GOVERNMENT ENTITIES; AND A LIST OF THE TOP FIVE RECIP-
 IENTS  BY  DOLLAR  VALUE OF EACH TYPE OF DEVELOPMENT ASSISTANCE GRANT OR
 LOAN;
   (3) THE AGGREGATE AMOUNTS REQUIRED BY SUBPARAGRAPHS  ONE  AND  TWO  OF
 THIS PARAGRAPH SHALL CORRESPOND TO THE MOST RECENT FISCAL YEAR FOR WHICH
 RELIABLE DATA ARE AVAILABLE, AND THE PRECEDING FIVE FISCAL YEARS;
   (4)  A LIST OF ALL STATE DEVELOPMENT ASSISTANCE WITH A DESCRIPTION AND
 AGGREGATE AMOUNT OF UNCOLLECTED OR DIVERTED STATE TAX REVENUES RESULTING
 FROM OR AWARDED FOR EACH TYPE OF DEVELOPMENT  ASSISTANCE  FOR  THE  MOST
 RECENT FISCAL YEAR AND ITS PRECEDING FISCAL YEAR; AND
   (5)  THE  AGGREGATE  AMOUNT, PREPARED BY THE DIVISION AND PRESENTED AS
 STATE TOTALS, OF JOBS CREATED AND/OR RETAINED WITH THE SUPPORT OF DEVEL-
 OPMENT ASSISTANCE.
   (B) ALL DATA CONTAINED IN  THE  UNIFIED  ECONOMIC  DEVELOPMENT  BUDGET
 PRESENTED TO THE GOVERNOR, SENATE AND ASSEMBLY SHALL BE FULLY SUBJECT TO
 THE  FREEDOM  OF  INFORMATION  ACT,  NOTWITHSTANDING  INSTANCES WHEN THE
 DISCLOSURE OF INFORMATION VIOLATES  CONFIDENTIALITY  AGREEMENTS  BETWEEN
 THE  DEPARTMENT OF TAXATION AND FINANCE AND RECIPIENTS OF STATE DEVELOP-
 MENT ASSISTANCE.
   (C) THE DEPARTMENT OF TAXATION AND FINANCE SHALL SUBMIT  A  REPORT  OF
 THE  AMOUNTS IN SUBPARAGRAPH ONE OF PARAGRAPH (A) OF THIS SECTION TO THE
 DIVISION, WHICH SHALL APPEND SUCH REPORT TO THE UNIFIED ECONOMIC  DEVEL-
 OPMENT BUDGET RATHER THAN SEPARATELY REPORTING SUCH AMOUNTS.
 § 1403. STANDARDIZED APPLICATIONS FOR STATE DEVELOPMENT ASSISTANCE.

 S. 1275                             4
 
   (A)  ALL  FINAL  APPLICATIONS  SUBMITTED  TO  THE DIVISION, INDUSTRIAL
 DEVELOPMENT AGENCIES OR ANY OTHER STATE GRANTING BODY REQUESTING  DEVEL-
 OPMENT ASSISTANCE SHALL CONTAIN, AT A MINIMUM:
   (1)  AN APPLICATION TRACKING NUMBER THAT IS SPECIFIC TO BOTH THE STATE
 GRANTING AGENCY OR INDUSTRIAL DEVELOPMENT AGENCY AND  TO  EACH  APPLICA-
 TION;
   (2)  THE  OFFICE  MAILING  ADDRESS, OFFICE TELEPHONE NUMBER, AND CHIEF
 OFFICER OF THE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
   (3) THE OFFICE MAILING ADDRESS, TELEPHONE NUMBER, AND THE NAME OF  THE
 CHIEF  OFFICER  OF THE APPLICANT OR AUTHORIZED DESIGNEE FOR THE SPECIFIC
 PROJECT SITE FOR WHICH DEVELOPMENT ASSISTANCE IS REQUESTED;
   (4) THE APPLICANT'S TOTAL NUMBER OF EMPLOYEES AT THE SPECIFIC  PROJECT
 SITE ON THE DATE THAT THE APPLICATION IS SUBMITTED TO THE STATE GRANTING
 BODY  OR  INDUSTRIAL  DEVELOPMENT  AGENCY, INCLUDING THE NUMBER OF FULL-
 TIME, PERMANENT JOBS, THE NUMBER OF PART-TIME JOBS, AND  THE  NUMBER  OF
 TEMPORARY JOBS;
   (5)  THE  TYPE OF DEVELOPMENT ASSISTANCE AND VALUE OF ASSISTANCE BEING
 REQUESTED;
   (6) THE NUMBER OF JOBS TO BE CREATED AND RETAINED OR BOTH CREATED  AND
 RETAINED  BY  THE  APPLICANT  AS A RESULT OF THE DEVELOPMENT ASSISTANCE,
 INCLUDING THE NUMBER OF FULL-TIME, PERMANENT JOBS, THE NUMBER  OF  PART-
 TIME JOBS, AND THE NUMBER OF TEMPORARY JOBS;
   (7)  A  DETAILED  LIST  OF  THE  OCCUPATION OR JOB CLASSIFICATIONS AND
 NUMBER OF NEW EMPLOYEES OR RETAINED EMPLOYEES TO BE HIRED IN  FULL-TIME,
 PERMANENT  JOBS,  A  SCHEDULE  OF  ANTICIPATED STARTING DATES OF THE NEW
 HIRES AND THE ANTICIPATED AVERAGE WAGE BY OCCUPATION OR JOB  CLASSIFICA-
 TION  AND  TOTAL  PAYROLL  TO  BE CREATED AS A RESULT OF THE DEVELOPMENT
 ASSISTANCE;
   (8) A LIST OF ALL OTHER  FORMS  OF  DEVELOPMENT  ASSISTANCE  THAT  THE
 APPLICANT  IS  REQUESTING  FOR THE SPECIFIC PROJECT SITE AND THE NAME OF
 EACH STATE GRANTING BODY OR INDUSTRIAL  DEVELOPMENT  AGENCY  FROM  WHICH
 THAT DEVELOPMENT ASSISTANCE IS BEING REQUESTED;
   (9)  A NARRATIVE, IF NECESSARY, DESCRIBING WHY THE DEVELOPMENT ASSIST-
 ANCE IS NEEDED AND HOW THE APPLICANT'S USE OF THE DEVELOPMENT ASSISTANCE
 MAY REDUCE EMPLOYMENT AT ANY SITE IN NEW YORK;
   (10) A CERTIFICATION BY THE CHIEF OFFICER OF THE APPLICANT OR  HIS  OR
 HER  AUTHORIZED  DESIGNEE THAT THE INFORMATION CONTAINED IN THE APPLICA-
 TION SUBMITTED TO THE GRANTING BODY  OR  INDUSTRIAL  DEVELOPMENT  AGENCY
 CONTAINS  NO  KNOWING  MISREPRESENTATION  OF  MATERIAL  FACTS UPON WHICH
 ELIGIBILITY FOR DEVELOPMENT ASSISTANCE IS BASED.
   (B) EVERY STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY  EITHER
 SHALL  COMPLETE, OR SHALL REQUIRE THE APPLICANT TO COMPLETE, AN APPLICA-
 TION FORM THAT MEETS THE MINIMUM  REQUIREMENTS  AS  PRESCRIBED  IN  THIS
 SECTION  EACH  TIME  AN  APPLICANT  APPLIES  FOR  DEVELOPMENT ASSISTANCE
 COVERED BY THIS ARTICLE.
   (C) THE DIVISION SHALL HAVE THE DISCRETION TO MODIFY ANY  STANDARDIZED
 APPLICATION  FOR  STATE  DEVELOPMENT ASSISTANCE REQUIRED UNDER PARAGRAPH
 (A) OF THIS SECTION FOR ANY GRANTS THAT ARE NOT GIVEN AS AN INCENTIVE TO
 A RECIPIENT BUSINESS ORGANIZATION.
 § 1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
   (A) BEGINNING FEBRUARY FIRST, TWO THOUSAND TWENTY-THREE AND EACH  YEAR
 THEREAFTER,  EVERY STATE GRANTING BODY AND INDUSTRIAL DEVELOPMENT AGENCY
 SHALL SUBMIT TO THE DIVISION COPIES OF ALL DEVELOPMENT ASSISTANCE AGREE-
 MENTS THAT IT APPROVED IN THE PRIOR CALENDAR YEAR.
   (B) FOR EACH DEVELOPMENT ASSISTANCE AGREEMENT FOR WHICH  THE  DATE  OF
 ASSISTANCE HAS OCCURRED IN THE PRIOR CALENDAR YEAR, EACH RECIPIENT SHALL

 S. 1275                             5
 
 SUBMIT  TO THE DIVISION A PROGRESS REPORT THAT SHALL INCLUDE, BUT NOT BE
 LIMITED TO, THE FOLLOWING:
   (1) THE APPLICATION TRACKING NUMBER;
   (2)  THE OFFICE MAILING ADDRESS, TELEPHONE NUMBER, AND THE NAME OF THE
 CHIEF OFFICER OF THE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
   (3) THE OFFICE MAILING ADDRESS, TELEPHONE NUMBER, AND THE NAME OF  THE
 CHIEF  OFFICER  OF THE APPLICANT OR AUTHORIZED DESIGNEE FOR THE SPECIFIC
 PROJECT SITE FOR WHICH THE DEVELOPMENT ASSISTANCE WAS  APPROVED  BY  THE
 STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
   (4) THE TYPE OF DEVELOPMENT ASSISTANCE PROGRAM AND VALUE OF ASSISTANCE
 THAT  WAS  APPROVED BY THE STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT
 AGENCY;
   (5) THE APPLICANT'S TOTAL NUMBER OF EMPLOYEES AT THE SPECIFIC  PROJECT
 SITE  ON THE DATE THAT THE APPLICATION WAS SUBMITTED TO THE STATE GRANT-
 ING BODY OR INDUSTRIAL DEVELOPMENT  AGENCY  AND  THE  APPLICANT'S  TOTAL
 NUMBER  OF  EMPLOYEES  AT  THE  SPECIFIC PROJECT SITE ON THE DATE OF THE
 REPORT, INCLUDING THE NUMBER OF FULL-TIME, PERMANENT JOBS, THE NUMBER OF
 PART-TIME JOBS, AND THE NUMBER OF TEMPORARY JOBS, AND A  COMPUTATION  OF
 THE GAIN OR LOSS OF JOBS IN EACH CATEGORY;
   (6) THE NUMBER OF NEW EMPLOYEES AND RETAINED EMPLOYEES THAT THE APPLI-
 CANT STATED IN ITS DEVELOPMENT ASSISTANCE AGREEMENT, IF ANY, AND IF NOT,
 THEN IN ITS APPLICATION, WOULD BE CREATED BY THE DEVELOPMENT ASSISTANCE,
 BROKEN DOWN BY FULL-TIME, PERMANENT, PART-TIME, AND TEMPORARY;
   (7) A SWORN DECLARATION OF WHETHER THE RECIPIENT IS IN COMPLIANCE WITH
 THE DEVELOPMENT ASSISTANCE AGREEMENT;
   (8)  A  DETAILED  LIST  OF  THE  OCCUPATION OR JOB CLASSIFICATIONS AND
 NUMBER OF NEW EMPLOYEES OR RETAINED EMPLOYEES TO BE HIRED IN  FULL-TIME,
 PERMANENT  JOBS,  A  SCHEDULE  OF  ANTICIPATED STARTING DATES OF THE NEW
 HIRES AND THE ACTUAL AVERAGE WAGE BY OCCUPATION  OR  JOB  CLASSIFICATION
 AND  TOTAL  PAYROLL TO BE CREATED AS A RESULT OF THE DEVELOPMENT ASSIST-
 ANCE;
   (9) A NARRATIVE, IF NECESSARY, DESCRIBING HOW THE RECIPIENT'S  USE  OF
 THE DEVELOPMENT ASSISTANCE DURING THE REPORTING YEAR HAS REDUCED EMPLOY-
 MENT AT ANY SITE IN NEW YORK; AND
   (10)  A  CERTIFICATION BY THE CHIEF OFFICER OF THE APPLICANT OR HIS OR
 HER AUTHORIZED DESIGNEE THAT THE  INFORMATION  IN  THE  PROGRESS  REPORT
 CONTAINS  NO  KNOWING  MISREPRESENTATION  OF  MATERIAL  FACTS UPON WHICH
 ELIGIBILITY FOR DEVELOPMENT ASSISTANCE IS BASED.
   (C) THE STATE  GRANTING  BODY,  INDUSTRIAL  DEVELOPMENT  AGENCY  OR  A
 SUCCESSOR  AGENCY,  SHALL  HAVE  FULL  AUTHORITY  TO  VERIFY INFORMATION
 CONTAINED IN THE RECIPIENT'S PROGRESS REPORT, INCLUDING THE AUTHORITY TO
 INSPECT THE SPECIFIC PROJECT SITE AND INSPECT THE RECORDS OF THE RECIPI-
 ENT THAT ARE SUBJECT TO THE DEVELOPMENT ASSISTANCE AGREEMENT.
   (D) BY JUNE FIRST, TWO THOUSAND TWENTY-FIVE AND BY JUNE FIRST OF  EACH
 YEAR  THEREAFTER, THE DIVISION SHALL COMPILE AND PUBLISH ALL DATA IN ALL
 OF THE PROGRESS REPORTS IN BOTH WRITTEN AND ELECTRONIC FORM.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have become a law.