Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to commerce, economic development and small business |
May 25, 2011 |
referred to commerce, economic development and small business |
Senate Bill S5469
2011-2012 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business 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
Actions
co-Sponsors
(D) 15th Senate District
2011-S5469 (ACTIVE) - Details
- Current Committee:
- Senate Commerce, Economic Development And Small Business
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §3154-a, amd §3150, Pub Auth L
- Versions Introduced in 2013-2014 Legislative Session:
-
S3226
2011-S5469 (ACTIVE) - Summary
Creates the small business technology investment fund; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.
2011-S5469 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5469 TITLE OF BILL: An act to amend the public authorities law, in relation to creating the small business technology investment fund PURPOSE OR GENERAL IDEA OF BILL: Authorizes the New York State Foundation for Science, Technology and Innovation (hereinafter the "Foundation") to invest in regional investment funds that provide seed capital to qualified enterprises. SUMMARY OF SPECIFIC PROVISIONS: The Foundation would issue RFPs to regional and local economic development organizations, technology development organizations, research universities, and equity funds and make awards in regional equity funds to provide seed capital for early stage commercialization of technologies. The equity funds would be managed by individuals who have such expertise and funds would be awarded to firms which have the greatest potential for job creation. Individual investments would not exceed two million dollars and be matched by at least a one-to-one basis with funds other than state monies. The foundation would require regional funds to file annual reports on the use of funds and is required to summarize and evaluate these reports for the legislature and the governor. The foundation board is
2011-S5469 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5469 2011-2012 Regular Sessions I N S E N A T E May 25, 2011 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Devel- opment and Small Business AN ACT to amend the public authorities law, in relation to creating the small business technology investment fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The public authorities law is amended by adding a new section 3154-a to read as follows: S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT FUND. 1. DEFI- NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT MEANING OR INTENT: (A) "REGIONAL INVESTMENT FUND" SHALL MEAN A LIMITED PARTNERSHIP, A LIMITED LIABILITY PARTNERSHIP, A LIMITED LIABILITY COMPANY OR A NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY MANAGED BY AN EXPERIENCED FUND MANAGER, IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO TECHNOLOGY-BASED COMPANIES IN THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE. (B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES THE POTENTIAL FOR SUBSTANTIAL GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN SECTION THIRTY-ONE HUNDRED TWO-E OF THIS ARTICLE OR AS ADOPTED BY THE BOARD. (C) "SEED CAPITAL" SHALL MEAN FINANCIAL ASSISTANCE TO A QUALIFIED ENTERPRISE, WHICH HAS FORMULATED A DETAILED BUSINESS PLAN, FOR PROOF-OF-CONCEPT OR INITIAL PRODUCT COMMERCIALIZATION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08350-01-1
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