S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10612
 
                           I N  A S S E M B L Y
 
                               June 20, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rajkumar) --
   read once and referred to the Committee on Economic Development
 
 AN ACT to amend the state finance law, the general city law, the general
   municipal law, and the administrative code of the city of New York, in
   relation  to  an  analysis  of  the  return on investment for economic
   development programs

   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 "return on
 investment act".
   § 2. Section 8 of the state finance law is amended  by  adding  a  new
 subdivision 21 to read as follows:
   21. (A) COMPLETE AN ANALYSIS OF THE RETURN ON INVESTMENT, AS SUCH TERM
 IS  DEFINED  IN SECTION ONE HUNDRED EIGHTY OF THE TAX LAW, IN THE MANNER
 PRESCRIBED IN THIS SECTION, FOR EVERY:  CAPITAL  EXPENDITURE;  FINANCIAL
 ASSISTANCE;  CREDIT  AGAINST  A  TAX  IMPOSED; PAYMENT IN LIEU OF TAXES;
 DEVELOPMENT PLAN; LOCAL INCENTIVE; URBAN DEVELOPMENT ACTION AREA PROJECT
 AS DEFINED IN SECTION SIX HUNDRED NINETY-TWO OF  THE  GENERAL  MUNICIPAL
 LAW;  REDEVELOPMENT  PLAN  PURSUANT TO SECTION NINE HUNDRED SEVENTY-F OF
 THE GENERAL MUNICIPAL LAW; COMMUNITY DEVELOPMENT PROJECT AS  DEFINED  IN
 SECTION NINE HUNDRED FIFTY-SEVEN OF THE GENERAL MUNICIPAL LAW; REBATE OF
 SALES  TAXES  PAID;  OR  REBATE  OR DISCOUNT OF CHARGES FOR ENERGY, TO A
 PRIVATE ENTITY BY  ANY  DEPARTMENT,  AUTHORITY,  INDUSTRIAL  DEVELOPMENT
 AGENCY,  DEVELOPMENT CORPORATION, URBAN RENEWAL AGENCY, COUNCIL, COMMIS-
 SION, TRUST, OR OTHER INSTRUMENT OF THE STATE FOR THE PURPOSE OF ECONOM-
 IC DEVELOPMENT, UNLESS SUCH ANALYSIS IS OTHERWISE PROVIDED FOR BY ANOTH-
 ER STATUTE.
   (B) FOR  ANY  ONE-TIME  PROJECT  OR  PROGRAM,  THE  COMPTROLLER  SHALL
 COMPLETE  SUCH  ANALYSIS NO LATER THAN TWO YEARS AFTER THE COMPLETION OF
 THE PROJECT OR PROGRAM, OR FIVE YEARS  AFTER  ITS  EXECUTION,  WHICHEVER
 COMES FIRST.
   (C)  FOR  ANY  RECURRING  PROGRAM, THE COMPTROLLER SHALL COMPLETE SUCH
 ANALYSIS OF THE PROGRAM NO LATER THAN TWO YEARS AFTER THE EFFECTIVE DATE
 OF THIS SECTION AND BY JANUARY FIRST EVERY FIVE YEARS THEREAFTER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15808-02-4
 A. 10612                            2
 
   (D) ANY ENTITY ADMINISTERING A PROGRAM OR PROJECT SET FORTH  IN  PARA-
 GRAPH (A) OF THIS SUBDIVISION SHALL FURNISH ANY REQUESTED INFORMATION TO
 THE COMPTROLLER TO COMPLETE SUCH ANALYSIS.
   (E)  TO  COMPLETE ANY SUCH ANALYSIS, THE COMPTROLLER MAY CONTRACT WITH
 AN ECONOMIC IMPACT FIRM OR MAY DELEGATE SUCH DUTY TO ANY INSTRUMENTALITY
 OF THE STATE OR MUNICIPAL CORPORATION WHICH ADMINISTERS THE  PROGRAM  OR
 PROJECT.
   (F)  FOR THE PURPOSE OF THIS SUBDIVISION, "ECONOMIC DEVELOPMENT" SHALL
 MEAN  ANY  PROJECT  OR  PROGRAM  FOR  THE  PROSPEROUS  DEVELOPMENT   AND
 PROTECTION  OF THE LEGITIMATE INTEREST AND WELFARE OF NEW YORK BUSINESS,
 INDUSTRY AND COMMERCE, WITHIN AND OUTSIDE THE STATE; THE  EXPANSION  AND
 DEVELOPMENT  OF MARKETS FOR NEW YORK PRODUCTS; THE LOCATION AND DEVELOP-
 MENT OF NEW BUSINESS IN THE STATE AS WELL AS THE MAINTENANCE AND  EXPAN-
 SION  OF  EXISTING  BUSINESS;  URBAN  RENEWAL AS DEFINED IN SECTION FIVE
 HUNDRED TWO OF THE GENERAL MUNICIPAL LAW; CREATION OR EXPANSION OF ENER-
 GY INFRASTRUCTURE; CREATION OR EXPANSION OF  TRANSPORTATION  INFRASTRUC-
 TURE;  PROMOTION OF TOURISM; PROMOTION OF THE ARTS, CULTURAL AFFAIRS, OR
 NATURAL HERITAGE; CREATION OR PRESERVATION OF HOUSING OTHER THAN ROUTINE
 MAINTENANCE; OR DECARBONIZATION OR WEATHERIZATION OF BUILDINGS.
   § 3. The general city law is amended by adding a new  article  2-K  to
 read as follows:
                                ARTICLE 2-K
                        RETURN ON INVESTMENT ANALYSIS
 SECTION 25-FF. RETURN ON INVESTMENT ANALYSIS.
   § 25-FF. RETURN ON INVESTMENT ANALYSIS. THE COMPTROLLER OF A CITY WITH
 A POPULATION OF ONE MILLION OR MORE SHALL, EVERY FIVE YEARS, COMPLETE AN
 ANALYSIS  OF  RETURN  ON  INVESTMENT,  AS DEFINED IN SECTION ONE HUNDRED
 EIGHTY OF THE TAX LAW, OF ANY CREDIT AGAINST A TAX IMPOSED BY SUCH CITY,
 REBATE OF SALES TAXES PAID, REBATE OF CHARGES FOR ENERGY, OR DISCOUNT OF
 CHARGES FOR ENERGY, PROVIDED FOR IN THIS CHAPTER, UNLESS  SUCH  ANALYSIS
 IS OTHERWISE PROVIDED FOR IN STATUTE.
   §  4.  The  general  municipal  law is amended by adding a new section
 696-g to read as follows:
   § 696-G. ANALYSIS ON RETURN  ON  INVESTMENT.  EACH  AGENCY  SHALL,  IN
 CONSULTATION  WITH  THE STATE COMPTROLLER, CONDUCT AN ANALYSIS OF RETURN
 ON INVESTMENT, AS DEFINED IN SECTION ONE HUNDRED EIGHTY OF THE TAX  LAW,
 OF EVERY EXISTING URBAN DEVELOPMENT ACTION AREA PROJECT IN ITS JURISDIC-
 TION  NO LATER THAN FIVE YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION.
 ON AND AFTER SUCH DATE THE ANALYSIS OF  ANY  FUTURE  PROJECTS  SHALL  BE
 CONDUCTED BY THE STATE COMPTROLLER.
   § 5. Section 970-f of the general municipal law is amended by adding a
 new closing paragraph to read as follows:
   EACH REDEVELOPMENT PLAN SHALL INCLUDE AN ANALYSIS OF RETURN ON INVEST-
 MENT,  AS  SUCH TERM IS DEFINED IN SECTION ONE HUNDRED EIGHTY OF THE TAX
 LAW.
   § 6. Section 22-823 of the administrative code of the city of New York
 is amended by adding a new subdivision j to read as follows:
   J. COST BENEFIT ANALYSIS. FOR EACH COVERED  CONTRACT  THE  CITY  COMP-
 TROLLER  SHALL PREPARE A COST BENEFIT ANALYSIS OF SUCH CONTRACT NO LATER
 THAN TWO YEARS AFTER ITS COMPLETION, OR FIVE YEARS AFTER ITS  EXECUTION,
 WHICHEVER COMES FIRST.
   §  7. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.