NY State Senate Bill 2009-S6692

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 27, 2010	referred to commerce, economic development and small business

2009-S6692 (ACTIVE) - Details

See Assembly Version of this Bill:: A4570
Current Committee:: Senate Commerce, Economic Development And Small Business
Law Section:: Economic Development Law
Laws Affected:: Add Art 17 §§400 - 411, Ec Dev L
Versions Introduced in 2011-2012 Legislative Session:: A3160

2009-S6692 (ACTIVE) - Summary

Creates the business employment incentive program to foster job growth; provides grants to businesses that create a certain amount of new employment opportunities within their companies; makes the department of economic development responsible for implementing the program; requires the department to establish the appropriate criteria, guidelines, rules, regulations, and fees for participation in the program.

2009-S6692 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6692

 TITLE OF BILL :
An act to amend the economic development law, in relation to creating
the business employment incentive program


 PURPOSE OR GENERAL IDEA OF BILL :
This bill will foster job creation in New York State enabling the
Empire State Development Corp. (ESDC) to enter into agreements with
businesses to provide business employment incentive grants, within
available appropriations. The amount of the employment incentive
awarded as a grant in each case shall be not less than ten percent and
not more than eighty percent of the withholdings of the business, or
not less than ten percent and not more than fifty percent of the
estimated tax of partners of an eligible partnership.

 SUMMARY OF SPECIFIC PROVISIONS :
The economic development law is amended by adding a new article
seventeen (17) that will include the following provisions:

Section 400: Provides a general description of the BEIP and its
mission to create new jobs, provide business incentives with grants,
and ensure that proposed projects will be economically sound
benefiting the people of New York.

Section 401: Project Requirements. provides qualifications for
businesses including creation of at least 75 positions or at least 25
positions in targeted areas in the base years. This section is
applicable to landlord/tenant relationships whereby landlords may
apply to the department for a grant. Projects that consist of point of
final purchase retail facilities are not eligible for funding under
the article.

Section 402: Grant application. Businesses are required to apply for a
grant on a prescribed form and must disclose the name of the business;
any addresses; principals or management and their respective names and
addresses; the nature or form of the business; the number of proposed
jobs that will be created; recent financial statements; and estimates
of total withholdings. In addition, a business may apply in one
consolidated application or on behalf of its members, if the business
is an association.

Section 403: Incentive agreement. provides that the business
employment incentive agreement is required to include, but is not
limited to, a detailed description of the proposed project which will
result in job creation; the term of the grant; a requirement that the
applicant maintain the project at a location in New York for a
designated term; a method for the new project to report to the
department; and a termination condition.

Section 404: Applicants will be required to submit to the department a
copy of its applicable New York State tax return together with an
annual report, and may be require to submit to an audit by the
department.

Section 405: Failure of business to comply; circumstances. The
department will have the authority to adjust or terminate the grant
agreement if the applicant does not meet any of the conditions or
requirements.

Section 406: Disbursement conditions. Approval by the State
Comptroller is required before any amount of the grant is disbursed.
The approval will consist of certification of the applicant's tax and
withholdings estimates.

Section 407: Grant limitations. Approval from the State Comptroller
will be required if an applicant will be receiving two or more state
awarded grants that when combined, exceeds the total of eighty percent
of its withholdings or fifty percent of the estimated tax.

Section 408: Implementation, study. The department will conduct a
study to determine the minimum funding level to implement the program
successfully.

Section 409: Fees. Each applicant will be charged application and
administrative fees as determined by the department.

Section 410: Rules. The department will have authority to implement
provisions and rules that will clarify the application process.

Section 411: Annual report. The department will be required to supply
the Governor; temporary president of the senate, and speaker of the
assembly with an annual report on or before October thirty-first of
each year. The report will consist of information pertaining to the
agreements, grant disbursements, jobs created, and revenue tallies.

 JUSTIFICATION :
New York has demonstrated an interest in strengthening the economy by
displaying a pro-business and pro-growth commitment.  In order to
further facilitate economic development, it is important to continue
to create opportunities that will make New York an attractive place to
establish businesses, expand pre-existing businesses, and offer a
diverse job market.  Further strengthening New York's economy is the
primary goal of this legislation; encouraging new and expanded
corporate facilities, while creating jobs for the people of New York,
is the fundamental way to satisfy this goal. This legislation will
offer incentive grants from new jobs created when a business relocates
to New York or expands a business in the State.

Moreover, for New York to prosper, government must recognize and
capitalize on the infinite variety of locations for business
development, from sophisticated urban environments to high-tech
research parks, and from high traffic retail centers to rural
industrial tracts. In order to foster job creation and corporate
opportunities, this legislation will enable ESDC to enter into
agreements with businesses to provide business employment incentives
and grants. The department's program will encourage businesses to
propose projects that will be economically sound and benefit the
people of New York by increasing opportunities for employment.

 LEGISLATIVE HISTORY :
A.9662-A of 2002
A.1437/S.1418 of 2003-2004
A.3308/S.3052 of 2005-2006

 FISCAL IMPLICATIONS :
Undetermined.

 EFFECTIVE DATE :
This bill will take effect on the first of January next succeeding the
date on which it shall have become a law.

2009-S6692 (ACTIVE) - Bill Text download pdf

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

                                  6692

                            I N  S E N A T E

                            January 27, 2010
                               ___________

Introduced  by  Sen.  FOLEY  -- 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 economic development law, in relation to creating
  the business employment incentive program

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

  Section  1.  The  economic  development law is amended by adding a new
article 17 to read as follows:
                               ARTICLE 17
                  BUSINESS EMPLOYMENT INCENTIVE PROGRAM
SECTION 400. GENERAL.
        401. PROJECT REQUIREMENTS.
        402. GRANT APPLICATION.
        403. INCENTIVE AGREEMENT.
        404. SUBMISSION OF NEW YORK TAX RETURN, OTHER INFORMATION; AUDIT.
        405. FAILURE OF BUSINESS TO COMPLY, CIRCUMSTANCES.
        406. DISBURSEMENT CONDITIONS.
        407. GRANT LIMITATIONS.
        408. IMPLEMENTATION, STUDY.
        409. FEES.
        410. RULES.
        411. ANNUAL REPORT.
  S 400. GENERAL. THERE IS  HEREBY  ESTABLISHED  A  BUSINESS  EMPLOYMENT
INCENTIVE  PROGRAM. THE PROGRAM IS TO BE ADMINISTERED BY THE DEPARTMENT.
IN ORDER TO FOSTER JOB CREATION IN THIS STATE, THE DEPARTMENT MAY  ENTER
INTO AGREEMENTS WITH BUSINESSES TO PROVIDE BUSINESS EMPLOYMENT INCENTIVE
GRANTS,  WITHIN  AVAILABLE  APPROPRIATIONS,  WITH THE PROVISIONS OF THIS
ARTICLE IF THE DEPARTMENT FINDS THAT:
  1. THE PROJECT PROPOSED BY THE BUSINESS WILL CREATE, DURING  THE  TERM
OF  THE  AGREEMENT, A NET INCREASE IN EMPLOYMENT BY THE BUSINESS AND ITS
RELATED PERSONS AS PROVIDED IN SECTION FOUR HUNDRED ONE OF THIS ARTICLE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08312-01-9

S. 6692                             2

  2. THE PROJECT IS ECONOMICALLY SOUND AND WILL BENEFIT  THE  PEOPLE  OF
NEW YORK BY INCREASING OPPORTUNITIES FOR EMPLOYMENT AND BY STRENGTHENING
NEW YORK'S ECONOMY; AND
  3.  THE DEPARTMENT DETERMINES THAT THE RECEIPT OF THE BUSINESS EMPLOY-
MENT INCENTIVE GRANT WILL BE A MATERIAL FACTOR IN THE BUSINESS' DECISION
TO GO FORWARD WITH THE PROJECT.
  S 401. PROJECT REQUIREMENTS. 1. A BUSINESS MAY APPLY TO THE DEPARTMENT
FOR A GRANT FOR ANY PROJECT WHICH:
  (A) WILL CREATE AT LEAST SEVENTY-FIVE ELIGIBLE POSITIONS IN  THE  BASE
YEARS; OR
  (B)  WILL CREATE AT LEAST TWENTY-FIVE ELIGIBLE POSITIONS IN A TARGETED
AREA IN THE BASE YEARS.
  2. IN THE CASE WHERE A BUSINESS IS A LANDLORD, THE BUSINESS MAY  APPLY
TO THE DEPARTMENT FOR A GRANT FOR ANY PROJECT IN WHICH:
  (A)(I)  AT  LEAST  SEVENTY-FIVE  ELIGIBLE POSITIONS ARE CREATED IN THE
BASE YEARS; OR
  (II) AT LEAST TWENTY-FIVE ELIGIBLE POSITIONS ARE CREATED IN A TARGETED
AREA IN THE BASE YEARS; AND
  (B) THE TENANTS OR PROPOSED TENANTS HAVE AGREED TO ASSIGN TO THE LAND-
LORD ANY CLAIM OF RIGHT THAT THEY MAY HAVE TO A GRANT PROVIDED  BY  THIS
ARTICLE; AND
  (C)  THE  TENANT OR PROPOSED TENANTS HAVE AGREED TO COOPERATE WITH THE
LANDLORD BY ANNUALLY PROVIDING TO  THE  DEPARTMENT  THE  NUMBER  OF  NEW
EMPLOYEES IN ELIGIBLE POSITIONS, THE WITHHOLDINGS AND ANY OTHER INFORMA-
TION WHICH MAY BE REQUIRED BY THE DEPARTMENT.
  3.  A  PROJECT WHICH CONSISTS SOLELY OF POINT-OF-FINAL-PURCHASE RETAIL
FACILITIES SHALL NOT BE ELIGIBLE FOR A GRANT UNDER THIS  ARTICLE.  IF  A
PROJECT  CONSISTS  OF BOTH POINT-OF-FINAL-PURCHASE RETAIL FACILITIES AND
NON-RETAIL FACILITIES, ONLY THE PORTION OF  THE  PROJECT  CONSISTING  OF
NON-RETAIL  FACILITIES SHALL BE ELIGIBLE FOR A GRANT, AND ONLY THE WITH-
HOLDINGS FROM NEW EMPLOYEES WHICH ARE EMPLOYED IN  THE  PORTION  OF  THE
PROJECT  WHICH  REPRESENTS NON-RETAIL FACILITIES SHALL BE USED TO DETER-
MINE THE AMOUNT OF THE GRANT. IF A  WAREHOUSE  FACILITY  IS  PART  OF  A
POINT-OF-FINAL-PURCHASE RETAIL FACILITY AND SUPPLIES ONLY THAT FACILITY,
THE  WAREHOUSE  FACILITY  SHALL  NOT  BE ELIGIBLE FOR A GRANT.   FOR THE
PURPOSES OF THIS ARTICLE, CATALOG  DISTRIBUTION  CENTERS  SHALL  NOT  BE
CONSIDERED POINT-OF-FINAL-PURCHASE RETAIL FACILITIES.
  S  402. GRANT APPLICATION. 1. A BUSINESS SHALL APPLY TO THE DEPARTMENT
FOR A GRANT ON A FORM PRESCRIBED BY THE DEPARTMENT WHICH SHALL INCLUDE:
  (A) THE NAME OF THE BUSINESS, THE PROPOSED LOCATION  OF  THE  PROJECT,
AND THE TYPE OF ACTIVITY WHICH WILL BE ENGAGED IN AT THE PROJECT SITE;
  (B)  THE  NAMES  AND  ADDRESSES OF THE PRINCIPALS OR MANAGEMENT OF THE
BUSINESS, AND THE NATURE OF THE  FORM  OF  BUSINESS  ORGANIZATION  UNDER
WHICH IT IS OPERATED;
  (C) THE MOST RECENT FINANCIAL STATEMENT OF THE BUSINESS;
  (D) THE NUMBER OF ELIGIBLE POSITIONS PROPOSED TO BE CREATED DURING THE
BASE YEARS AND THEREAFTER; AND
  (E) AN ESTIMATE OF THE TOTAL WITHHOLDINGS.
  2.  A  COOPERATIVE ASSOCIATION MAY APPLY, IN ONE CONSOLIDATED APPLICA-
TION IN A FORM AND MANNER DETERMINED BY THE DEPARTMENT, FOR A  GRANT  ON
ITS  OWN BEHALF AS A BUSINESS AND FOR GRANTS ON BEHALF OF THE MEMBERS OF
THE ASSOCIATION WHO MAY QUALIFY UNDER THIS ARTICLE.
  3. IF A COOPERATIVE ASSOCIATION IS APPLYING FOR GRANTS  ON  BEHALF  OF
ITS  MEMBERS,  THE  MEMBERS  FOR WHOM THE APPLICATION IS SUBMITTED SHALL
ASSIGN TO THE ASSOCIATION ANY CLAIM OF RIGHT THE MEMBERS MAY HAVE  UNDER
THIS  ARTICLE  TO  APPLY  FOR GRANTS INDIVIDUALLY DURING THE TERM OF THE

S. 6692                             3

BUSINESS EMPLOYMENT INCENTIVE AGREEMENT, AND AGREE TO COOPERATE WITH THE
ASSOCIATION IN PROVIDING TO THE DEPARTMENT ALL THE INFORMATION  REQUIRED
FOR  THE  INITIAL  APPLICATION, THE BUSINESS EMPLOYMENT INCENTIVE AGREE-
MENT,  AND  ANY  OTHER  INFORMATION  THE  DEPARTMENT MAY REQUIRE FOR THE
PURPOSES OF THIS ARTICLE. THE COOPERATIVE ASSOCIATION SHALL BE RESPONSI-
BLE FOR PROVIDING TO THE DEPARTMENT ALL THE INFORMATION  REQUIRED  UNDER
THIS ARTICLE.
  4.  IF  A COOPERATIVE ASSOCIATION APPLIES FOR A GRANT ON BEHALF OF ITS
MEMBERS, THE MEMBERS INCLUDED IN THE APPLICATION  MAY  BE  PERMITTED  TO
MEET  THE  QUALIFICATIONS FOR A GRANT COLLECTIVELY BY PARTICIPATING IN A
PROJECT THAT WILL MEET THE REQUIREMENTS OF  SECTIONS  FOUR  HUNDRED  AND
FOUR  HUNDRED ONE OF THIS ARTICLE, THE AMOUNT OF A GRANT SHALL BE CALCU-
LATED UNDER THE TERMS OF THIS ARTICLE AS IF THE MEMBERS ARE ALL  COLLEC-
TIVELY  ONE  BUSINESS  ENTITY, AND ANY RESTRICTIONS ON THE QUALIFICATION
FOR A GRANT SHALL APPLY TO EACH MEMBER WHO IS LISTED IN THE  APPLICATION
AS PARTICIPATING IN THE PROJECT. THE GRANTS AWARDED SHALL BE PAID TO THE
COOPERATIVE  ASSOCIATION. A GRANT RECEIVED UNDER THIS ARTICLE BY A COOP-
ERATIVE ASSOCIATION MAY BE APPORTIONED TO THE MEMBERS OF THE ASSOCIATION
IN A MANNER DETERMINED BY THE ASSOCIATION. EACH MEMBER INCLUDED  IN  THE
APPLICATION  SHALL BE REQUIRED TO SIGN THE BUSINESS EMPLOYMENT INCENTIVE
AGREEMENT AND SHALL ABIDE BY ITS TERMS.
  5. (A) THE AMOUNT OF THE EMPLOYMENT INCENTIVE AWARDED AS  A  GRANT  IN
EACH  CASE  SHALL  BE NOT LESS THAN TEN PERCENT AND NOT MORE THAN EIGHTY
PERCENT OF THE WITHHOLDINGS OF  THE  BUSINESS,  OR  NOT  LESS  THAN  TEN
PERCENT AND NOT MORE THAN FIFTY PERCENT OF THE ESTIMATED TAX OF PARTNERS
OF  AN  ELIGIBLE  PARTNERSHIP WHETHER PAID DIRECTLY BY THE PARTNER OR BY
THE ELIGIBLE PARTNERSHIP ON BEHALF OF SUCH  PARTNER'S  ACCOUNT,  OR  ANY
COMBINATION  THEREOF, AND SHALL BE SUBJECT TO THE PROVISIONS OF SECTIONS
FOUR HUNDRED SIX AND FOUR HUNDRED SEVEN OF THIS ARTICLE. THE  EMPLOYMENT
INCENTIVE  SHALL  BE BASED ON CRITERIA DEVELOPED BY THE DEPARTMENT AFTER
CONSIDERING THE FOLLOWING:
  (I) THE NUMBER OF ELIGIBLE POSITIONS TO BE CREATED;
  (II) THE EXPECTED DURATION OF THOSE POSITIONS;
  (III) THE TYPE OF CONTRIBUTION THE BUSINESS CAN MAKE TO THE  LONG-TERM
GROWTH OF THE STATE'S ECONOMY;
  (IV)  THE  AMOUNT  OF  OTHER  FINANCIAL  ASSISTANCE  THE BUSINESS WILL
RECEIVE FROM THE STATE FOR THE PROJECT; AND
  (V) THE TOTAL DOLLAR INVESTMENT THE BUSINESS IS MAKING IN THE PROJECT.
  (B) THE TERM OF THE GRANT SHALL NOT EXCEED TEN YEARS.
  (C) AT THE DISCRETION OF THE DEPARTMENT, THE GRANT MAY APPLY  ONLY  TO
NEW  EMPLOYEES OR PARTNERS IN ELIGIBLE POSITIONS CREATED DURING THE BASE
YEARS, OR TO ADDITIONAL NEW EMPLOYEES OR PARTNERS IN ELIGIBLE  POSITIONS
CREATED DURING THE REMAINDER OF THE TERM OF THE GRANT.
  S  403.  INCENTIVE AGREEMENT. THE BUSINESS EMPLOYMENT INCENTIVE AGREE-
MENT SHALL INCLUDE, BUT SHALL NOT BE LIMITED TO, THE FOLLOWING:
  1. A DETAILED DESCRIPTION OF THE PROPOSED PROJECT WHICH WILL RESULT IN
JOB CREATION, AND THE NUMBER OF NEW EMPLOYEES TO BE HIRED  IN  THE  BASE
YEARS;
  2.  THE  TERM OF THE GRANT, AND THE FIRST YEAR FOR WHICH THE GRANT MAY
BE CLAIMED;
  3. THE NEW EMPLOYEES WHOSE POSITIONS ARE SUBJECTS OF THE GRANT, PURSU-
ANT TO PARAGRAPH (C) OF SUBDIVISION FIVE OF SECTION FOUR HUNDRED TWO  OF
THIS ARTICLE;
  4. A REQUIREMENT THAT THE APPLICANT MAINTAIN THE PROJECT AT A LOCATION
IN NEW YORK FOR AT LEAST ONE AND A HALF TIMES THE NUMBER OF YEARS OF THE

S. 6692                             4

TERM  OF  THE  GRANT,  WITH AT LEAST THE NUMBER OF ELIGIBLE POSITIONS AS
REQUIRED BY SECTION FOUR HUNDRED ONE OF THIS ARTICLE;
  5.  THE  EMPLOYMENT INCENTIVE, AS DETERMINED PURSUANT TO PARAGRAPH (A)
OF SUBDIVISION FIVE OF SECTION FOUR HUNDRED TWO OF THIS ARTICLE;
  6. A METHOD FOR DETERMINING  THE  NUMBER  OF  NEW  EMPLOYEES  WHO  ARE
EMPLOYED DURING A GRANT YEAR;
  7.  A METHOD FOR THE BUSINESS TO REPORT ANNUALLY TO THE DEPARTMENT THE
NUMBER OF NEW EMPLOYEES FOR WHICH THE GRANT IS TO BE MADE;
  8. A REQUIREMENT THAT THE BUSINESS REPORT TO THE  DEPARTMENT  ANNUALLY
THE AGGREGATE AMOUNT OF WITHHOLDINGS DURING THE GRANT YEAR;
  9. A PROVISION PERMITTING AN AUDIT OF THE PAYROLL RECORDS OF THE BUSI-
NESS BY THE DEPARTMENT FROM TIME TO TIME, AS THE DEPARTMENT DEEMS NECES-
SARY;
  10.  A  PROVISION  WHICH  PERMITS THE DEPARTMENT TO AMEND AN AGREEMENT
PURSUANT TO SECTION FOUR HUNDRED FIVE OF THIS ARTICLE;
  11. A PROVISION WHICH REQUIRES THE BUSINESS TO MAINTAIN OPERATIONS  AT
THE  PROJECT LOCATION OR ANOTHER LOCATION APPROVED BY THE DEPARTMENT FOR
AT LEAST ONE AND A HALF TIMES THE TERM OF THE GRANT, AND A PROVISION  TO
PERMIT  THE  DEPARTMENT  TO  RECAPTURE  ALL  OR PART OF THE GRANT AT ITS
DISCRETION IF THE BUSINESS DOES NOT REMAIN AT THE SITE FOR THE  REQUIRED
TERM; AND
  12.  A  PROVISION  ESTABLISHING  THE  CONDITIONS UNDER WHICH THE GRANT
AGREEMENT MAY BE TERMINATED AND GRANT FUNDS RECAPTURED  BY  THE  DEPART-
MENT.
  S 404. SUBMISSION OF NEW YORK TAX RETURN, OTHER INFORMATION; AUDIT. 1.
NO LATER THAN FEBRUARY FIRST OF EACH YEAR, FOR THE PRECEDING GRANT YEAR,
EVERY  BUSINESS WHICH IS AWARDED A GRANT UNDER THIS ARTICLE SHALL SUBMIT
TO THE DEPARTMENT A COPY OF ITS APPLICABLE NEW YORK TAX  RETURN  SHOWING
BUSINESS  INCOME  AND WITHHOLDINGS AS A CONDITION OF ITS CONTINUATION IN
THE GRANT PROGRAM, TOGETHER WITH AN ANNUAL PAYROLL  REPORT  SHOWING  (A)
THE  ELIGIBLE  POSITIONS WHICH ARE CREATED DURING THE BASE YEARS AND (B)
THE NEW ELIGIBLE POSITIONS CREATED DURING EACH SUBSEQUENT  YEAR  OF  THE
GRANT.
  2.  THE  DEPARTMENT MAY REQUIRE BY REGULATION ANY INFORMATION WHICH IT
DEEMS NECESSARY TO EFFECTUATE THE PROVISIONS OF THIS ARTICLE.
  3. THE DEPARTMENT MAY CAUSE AN AUDIT OF ANY BUSINESS RECEIVING A GRANT
TO BE CONDUCTED AT ANY TIME.
  S 405. FAILURE OF BUSINESS TO COMPLY, CIRCUMSTANCES.  1. IF THE  BUSI-
NESS  RECEIVING  A  GRANT  FAILS TO MEET OR COMPLY WITH ANY CONDITION OR
REQUIREMENT SET FORTH IN A GRANT AGREEMENT OR IN RULES  AND  REGULATIONS
OF  THE DEPARTMENT, THE DEPARTMENT MAY AMEND THE AGREEMENT TO REDUCE THE
AMOUNT OF THE EMPLOYMENT INCENTIVE OR THE TERM OF THE  GRANT  AGREEMENT.
THE  REDUCTION  OF  THE  EMPLOYMENT INCENTIVE SHALL BE APPLICABLE TO THE
GRANT YEAR IMMEDIATELY FOLLOWING THE GRANT YEAR IN WHICH THE  DEPARTMENT
AMENDS THE AGREEMENT.
  2. IF A BUSINESS FAILS TO MAINTAIN EMPLOYMENT AT THE LEVELS STIPULATED
IN  THE AGREEMENT OR OTHERWISE FAILS TO COMPLY WITH ANY CONDITION OF THE
GRANT AGREEMENT FOR ANY TWO CONSECUTIVE YEARS, THE DEPARTMENT MAY TERMI-
NATE THE AGREEMENT.
  S 406. DISBURSEMENT CONDITIONS. NO AMOUNT  SHALL  BE  DISBURSED  TO  A
RECIPIENT  BUSINESS  AS A GRANT UNDER THIS ARTICLE IN ANY YEAR UNTIL THE
STATE COMPTROLLER HAS CERTIFIED THAT THE AMOUNT OF WITHHOLDINGS OR ESTI-
MATED TAXES OF PARTNERS, OR ANY COMBINATION THEREOF,  RECEIVED  IN  THAT
YEAR FROM THE BUSINESS OR THE PARTNERS OF THE BUSINESS EQUALS OR EXCEEDS
THE AMOUNT OF THE GRANT.

S. 6692                             5

  S 407. GRANT LIMITATIONS. A BUSINESS THAT IS RECEIVING ANY OTHER GRANT
BY  OPERATION OF STATE LAW SHALL NOT RECEIVE AN AMOUNT AS A GRANT PURSU-
ANT TO THIS ARTICLE WHICH, WHEN COMBINED WITH SUCH OTHER GRANTS, EXCEEDS
THE TOTAL OF EIGHTY PERCENT OF ITS WITHHOLDINGS OR FIFTY PERCENT OF  THE
ESTIMATED TAX, OR ANY COMBINATION THEREOF PAID, EXCEPT UPON THE APPROVAL
OF THE STATE COMPTROLLER.
  S 408. IMPLEMENTATION, STUDY.  THE DEPARTMENT SHALL CONDUCT A STUDY TO
DETERMINE  THE  MINIMUM FUNDING LEVEL REQUIRED TO IMPLEMENT THE BUSINESS
EMPLOYMENT INCENTIVE PROGRAM SUCCESSFULLY. MAJOR CONSIDERATION SHALL  BE
GIVEN  TO  THE RATE OF RETURN FOR EACH JOB CREATED AS  A RESULT OF BUSI-
NESS EMPLOYMENT INCENTIVE GRANTS.
  S 409. FEES. THE DEPARTMENT SHALL ESTABLISH AN APPLICATION FEE  FOR  A
GRANT  APPLICATION  AND SERVICE FEES PAYABLE BY EACH BUSINESS WHICH IS A
GRANT RECIPIENT TO PAY THE COSTS OF THE ADMINISTRATION OF THE PROGRAM.
  S 410. RULES. THE DEPARTMENT SHALL ADOPT RULES NECESSARY TO  IMPLEMENT
THE  PROVISIONS OF THE BUSINESS EMPLOYMENT INCENTIVE PROGRAM NOT RELATED
TO THE COLLECTION OR DETERMINATION OF TAXES  AND  TAX  WITHHOLDING.  THE
RULES  SHALL PROVIDE FOR THE RECIPIENTS OF BUSINESS EMPLOYMENT INCENTIVE
GRANTS TO BE CHARGED AN INITIAL APPLICATION  FEE,  AND  ONGOING  SERVICE
FEES,  TO  COVER  THE  ADMINISTRATIVE  COSTS RELATED TO THE PROGRAM. THE
RULES ALSO SHALL INCLUDE THE PROCEDURES TO CLARIFY  THE  APPLICATION  OF
THE  VARIOUS PROVISIONS OF THIS ARTICLE TO COOPERATIVE ASSOCIATIONS THAT
SUBMIT APPLICATIONS ON BEHALF OF THEIR MEMBERS.
  S 411. ANNUAL REPORT.  THE DEPARTMENT SHALL SUBMIT  A  REPORT  ON  THE
BUSINESS  EMPLOYMENT INCENTIVE PROGRAM TO THE GOVERNOR, TEMPORARY PRESI-
DENT OF THE SENATE, AND SPEAKER OF THE ASSEMBLY  ON  OR  BEFORE  OCTOBER
THIRTY-FIRST  OF EACH YEAR.  THE REPORT SHALL INCLUDE INFORMATION ON THE
NUMBER OF AGREEMENTS ENTERED INTO DURING THE PRECEDING  FISCAL  YEAR,  A
DESCRIPTION  OF  THE  PROJECT  UNDER  EACH AGREEMENT, THE NUMBER OF JOBS
CREATED, NEW INCOME TAX  REVENUE  RECEIVED  FROM  WITHHOLDINGS,  AMOUNTS
AWARDED  AS  GRANTS AND AN UPDATE ON THE STATUS OF PROJECTS UNDER AGREE-
MENT BEFORE THE PRECEDING FISCAL YEAR.  AFTER THE PROGRAM'S FIFTH  YEAR,
THE  DEPARTMENT, IN CONJUNCTION WITH THE STATE COMPTROLLER, SHALL ASSESS
THE EFFECTIVENESS OF THE PROGRAM IN CREATING NEW JOBS IN  NEW  YORK  AND
THE IMPACT ON STATE REVENUES.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.

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Senate Bill S6692

Sponsored By

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

2009-S6692 (ACTIVE) - Details

2009-S6692 (ACTIVE) - Summary

2009-S6692 (ACTIVE) - Sponsor Memo

2009-S6692 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6692

Share this bill

Sponsored By

Brian X. Foley

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

2009-S6692 (ACTIVE) - Details

2009-S6692 (ACTIVE) - Summary

2009-S6692 (ACTIVE) - Sponsor Memo

2009-S6692 (ACTIVE) - Bill Text download pdf

Comments