|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to commerce, economic development and small business|
|Jan 05, 2011||referred to commerce, economic development and small business|
senate Bill S354
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S354 - Details
- Current Committee:
- Law Section:
- Economic Development Law
- Laws Affected:
- Amd §100, Ec Dev L; amd §1801, add §1835-bb, Pub Auth L
- Versions Introduced in 2009-2010 Legislative Session:
S354 - Summary
Authorizes the job development authority to create and administer the bank export incentive program for the investment and lending of monies which may be borrowed by certain eligible New York firms for business projects; directs the commissioner of the department of economic development to assist in the promotion of such program; defines terms.
S354 - Sponsor Memo
BILL NUMBER:S354 TITLE OF BILL: An act to amend the economic development law and the public authorities law, in relation to authorizing the job development authority to create and administer the bank export incentive program with the technical assistance of the department of economic development PURPOSE: To encourage banking organizations to provide medium term loans at competitive interest rates for relatively small amounts of money borrowed for short periods of time. SUMMARY OF PROVISIONS: This legislation permits the Job Development Authority (JDA) to create a program in which monies will be placed with cooperating banking organizations. Such corporations will be permitted to invest these monies on the condition that they lend an amount equal to two times the amount of money provided them to eligible applicants for eligible projects. Eligible applicants is defined as New York State firms with less than 500 workers. Eligible projects means a product manufactured or service delivered by an eligible applicant to a customer residing in or representing a nation other than the united States or its
S354 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 354 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. ROBACH -- 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 and the public authorities law, in relation to authorizing the job development authority to create and administer the bank export incentive program with the tech- nical assistance of the department of economic development THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. The legislature hereby finds and declares that the economy of the state of New York can be bolstered and enhanced through the sale of additional products and services from New York state to customers in foreign countries. The legislature further finds that one of the impediments to an increase in export sales from New York state is the unavailability of loans at a competitive interest rate for relatively small amounts of money borrowed for time periods between one and five years from the commercial banks of our state and nation. It is further found that one of the major reasons that such monies are unavailable is the high cost of processing such loans by banking organizations because of the complexities of international tran- sactions. The legislature, therefore, finds and declares that it is in the interest of a stronger and more viable economy for the state of New York to encourage the banking industry of our state to provide medium- term financing for low dollar volume export transactions through the creation of a bank export incentive program. S 2. Subdivision 47 of section 100 of the economic development law, as renumbered by chapter 427 of the laws of 2008, is renumbered subdivi- sion 48 and a new subdivision 47 is added to read as follows: 47. MAKE POTENTIAL ELIGIBLE APPLICANTS AWARE OF, THROUGH THE USE OF SEMINARS, WORKSHOPS, ADVERTISING OR OTHER APPROPRIATE METHODS, THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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