|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 13, 2012||committee discharged and committed to rules|
notice of committee consideration - requested
|Jan 04, 2012||referred to finance|
|Feb 04, 2011||referred to finance|
senate Bill S2972
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2972 (ACTIVE) - Details
S2972 (ACTIVE) - Summary
Authorizes recoupment by the state or any political subdivision of financial incentives such as awards, loans, grants or tax abatements, awarded businesses for purposes of job training, job creation or retention, or the development of business operations, upon recipient's failure to complete the terms of the incentive.
S2972 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2972 TITLE OF BILL: An act to amend the executive law, in relation to the recoupment of economic incentives to businesses PURPOSE: To require that companies which receive economic incentives for the purpose of job creation or expansion of operations fulfill their promise, unless unforeseen circumstances arise. SUMMARY OF PROVISIONS: Provides that where the State, a public benefit corporation including an industrial development authority, or a municipality provides an economic incentive to a company for the purpose of job training, job creation or retention, or expansion of operations, such agreement shall be in writing and state the terms and conditions of the incentive. Where the company's promise is not fulfilled, the agency shall be authorized to recoup the incentive in an amount proportionate to the unfulfilled part of the agreement. The recipient shall be entitled to a hearing with an opportunity to explain any non-compliance. Recoupment may be waived where the failure was not attributable to bad faith or fraud, and was due to unforeseen circumstances beyond the recipient's control. Unforeseen circumstances are defined to include market conditions which are of
S2972 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2972 2011-2012 Regular Sessions I N S E N A T E February 4, 2011 ___________ Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the executive law, in relation to the recoupment of economic incentives to businesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The executive law is amended by adding a new section 163-b to read as follows: S 163-B. RECOUPMENT OF ECONOMIC INCENTIVES. 1. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF LAW, EACH CONTRACT, AGREEMENT OR UNDERSTANDING BY WHICH A PERSON, FIRM, PARTNERSHIP, COMPANY, ASSOCIATION OR CORPO- RATION RECEIVES AN AWARD, GRANT, LOAN, TAX ABATEMENT OR OTHER BUSINESS INCENTIVE FROM THE STATE, ANY OF ITS POLITICAL SUBDIVISIONS, OR ANY DEPARTMENT, BUREAU, BOARD, COMMISSION, AUTHORITY, OR ANY OTHER AGENCY OR INSTRUMENTALITY OF THE STATE OR ITS POLITICAL SUBDIVISIONS, OR ANY PUBLIC BENEFIT CORPORATION AS DEFINED IN SUBDIVISION FOUR OF SECTION SIXTY-SIX OF THE GENERAL CONSTRUCTION LAW, OR ANY MUNICIPAL CORPORATION AS DEFINED IN SUBDIVISION THREE OF SECTION THREE-A OF THE GENERAL MUNIC- IPAL LAW FOR THE PURPOSES OF JOB TRAINING, JOB CREATION OR RETENTION, OR THE DEVELOPMENT OF ITS OPERATION WITHIN THE STATE, SHALL CONTAIN THE FOLLOWING PROVISIONS: (A) A STATED PERIOD OF TIME WITHIN WHICH THE TERMS OF THE CONTRACT, AGREEMENT OR UNDERSTANDING ARE TO BE FULLY EXECUTED AND COMPLETED; (B) A STATED PURPOSE AND THE AMOUNT OF THE AWARD, GRANT OR OTHER BUSI- NESS INCENTIVE; (C) WHERE APPLICABLE, THE NUMBER OF PERSONS TO BE TRAINED PURSUANT TO THE TERMS OF THE CONTRACT, AGREEMENT OR UNDERSTANDING; (D) WHERE APPLICABLE, THE NUMBER OF JOBS TO BE CREATED OR RETAINED PURSUANT TO THE TERMS OF THE CONTRACT, AGREEMENT OR UNDERSTANDING; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06762-01-1 S. 2972 2
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