Senate Bill S6394

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 - Passed Senate & 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-S6394 (ACTIVE) - Details

See Assembly Version of this Bill:
A6286
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: S6855, A2804
2019-2020: S2176, A10156

2021-S6394 (ACTIVE) - Summary

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

2021-S6394 (ACTIVE) - Sponsor Memo

2021-S6394 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6394
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 26, 2021
                                ___________
 
 Introduced  by  Sen.  BAILEY -- 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 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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