Senate Bill S6663

Vetoed By Governor
2011-2012 Legislative Session

Establishes the "tourism economic development fund" to be funded with revenue from the licensing of the "I Love NY" brand

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Archive: Last Bill Status - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2011-S6663 (ACTIVE) - Details

See Assembly Version of this Bill:
A9605
Law Section:
Economic Development Law
Laws Affected:
Amd §152, Ec Dev L; add §99-u, St Fin L

2011-S6663 (ACTIVE) - Summary

Establishes the "tourism economic development fund" to be funded with revenue from the licensing of the "I Love NY" brand; moneys from such fund shall be appropriated for the promotion, attraction, stimulation, development and expansion of tourist travel, resort, vacation, culture and convention activities in this state.

2011-S6663 (ACTIVE) - Sponsor Memo

2011-S6663 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6663

                            I N  S E N A T E

                              March 8, 2012
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cultural Affairs, Tourism,
  Parks and Recreation

AN ACT to amend the economic development law and the state finance  law,
  in relation to resources of the "I Love NY" brand

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 3 of section 152 of  the  economic  development
law, as added by section 1 of part DD of chapter 59 of the laws of 2006,
is amended to read as follows:
  3.  Nothing in this article shall prohibit the department from licens-
ing and leasing the brand to any commercial entity,  provided  that  the
appropriate  market  value  for  such  lease  is  obtained;  AND FURTHER
PROVIDED, THAT ANY REVENUE FROM  SUCH  LICENSING  OR  LEASING  SHALL  BE
DEPOSITED  IN  THE  TOURISM  ECONOMIC  DEVELOPMENT  FUND  ESTABLISHED IN
SECTION NINETY-NINE-U OF THE STATE FINANCE LAW, AND  BE  MADE  AVAILABLE
FOR  APPROPRIATION  TO  THE  DEPARTMENT  FOR  THE PURPOSE OF FUNDING THE
PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT AND EXPANSION OF TOURIST
TRAVEL, RESORT, VACATION, CULTURAL AND CONVENTION ACTIVITIES  AUTHORIZED
PURSUANT TO THIS CHAPTER.
  S  2. The state finance law is amended by adding a new section 99-u to
read as follows:
  S 99-U. TOURISM ECONOMIC DEVELOPMENT FUND. 1. THERE IS  HEREBY  ESTAB-
LISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE COMMISSION-
ER  OF  TAXATION  AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE "TOURISM
ECONOMIC DEVELOPMENT FUND".
  2. SUCH FUND SHALL CONSIST OF: (A) ALL MONEYS DERIVED  FROM  LICENSING
AND  LEASING  OF  THE "I LOVE NY" BRAND; (B) ALL MONEYS APPROPRIATED FOR
THE PURPOSE OF SUCH FUND AND ALL MONEYS TRANSFERRED TO SUCH FUND  PURSU-
ANT  TO  LAW; AND (C) ANY INTEREST EARNED BY THE INVESTMENT OF MONEYS IN
SUCH FUND, WHICH SHALL BE ADDED TO SUCH FUND.
  3. MONEYS IN THE TOURISM ECONOMIC DEVELOPMENT FUND SHALL BE KEPT SEPA-
RATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF
THE COMPTROLLER. ALL DEPOSITS OF SUCH MONEYS SHALL, IF REQUIRED  BY  THE

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

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