BILL NUMBER:S6586

TITLE OF BILL:
An act
to amend the economic development
law, in relation to requiring recipients
of economic
development assistance to fully disclose the prerequisites for such
assistance and their compliance therewith

PURPOSE:
This legislation requires businesses which receive economic
development incentives to disclose on a containing basis the
conditions thereof and compliance therewith.

SUMMARY OF PROVISIONS:
Section One - defines "Economic Development Assistance" as tax credits
and tax exemptions given as incentives to a recipient pursuant to a
development assistance agreement, any other program or incentive
intended to promote and ensure a business relocation or expansion.

Section One - defines "Economic Development Assistance Agreement" is
defined as any agreement executed by the state, or a state or
municipal body and a recipient setting forth all terms conditions and
understandings thereof of the provisions of economic development
assistance.
              

Section One defines - "Recipient" is defined as any business entity
that receives economic development assistance pursuant to an economic
development assistance agreement.

Section One - states every recipient of the above mentioned assistance
will upon request of any person, provide a copy of each economic
development assistance agreement it has entered into, a summary of
all economic development assistance provided pursuant to such
agreement, a summary and explanation of all the terms and conditions
of such agreement and the extent of compliance with such terms and
conditions and the project to which each such agreement relates.
Every recipient will, in a timely and accurate manner regularly update
all such information.

Section One - states all information required will be made available
to the public and will be posted and made available online, on the
website of the recipient.

Section One - states on or before the first January, April, July and
October; each recipient will submit to the secretary of the state,
all information required to be made available to the public.

Section Two - states this act shall take effect on the first September
next succeeding the date on which it shall has become a law.

JUSTIFICATION:
Any corporation or business receiving any direct or indirect benefits
they receive from NY taxpayers must be held accountable. Corporations
in New York State have received hundreds of millions of dollars from
hard working taxpayers, while simultaneously outsourcing jobs across
seas and laying off New York State residents.

It is the role of legislators to hold these corporations who receive
any kind of economic development funds from the state, accountable
for doing what the money was intended to do, and that is creating jobs.

This legislation will mandate corporations that receive any kind of
economic assistance from the state, to provide a summary and
explanation of all the terms and conditions of the agreement they
have entered in. These corporations will also be responsible to
provide the extent of compliance the terms and conditions.

This bill will also provide transparency, by requiring these
businesses to make the above mentioned information available to the
public, specifically on their website. Any corporation receiving
economic development assistance from the state will be required
submit the above mentioned information to the secretary of state on
or before the first January, April, July and October of each year.

LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the first September next succeeding the
date on which it shall has become a law.