Assembly Bill A3975

2011-2012 Legislative Session

Creates a program to provide hi-tech working capital loan guarantees

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2011-A3975 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add ยง16-u, UDC Act
Versions Introduced in 2009-2010 Legislative Session:
A1979

2011-A3975 (ACTIVE) - Summary

Creates a program within the New York state urban development corporation to provide high-technology working capital loan guarantees to eligible high-technology businesses developing or offering a product or service using leading technology or research; requires submission of a report to the governor and legislature.

2011-A3975 (ACTIVE) - Bill Text download pdf 

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

                                  3975

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 31, 2011
                               ___________

Introduced  by  M.  of A. MORELLE, SWEENEY, SCHIMMINGER, DESTITO, ENGLE-
  BRIGHT, BOYLAND, MAGNARELLI, RAMOS -- read once and  referred  to  the
  Committee on Economic Development

AN ACT to amend the New York state urban development corporation act, in
  relation to high-technology working capital loan guarantees

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

  Section 1.  Legislative findings and declarations.    The  legislature
hereby  finds  that  economic  expansion in tomorrow's economy will flow
from scientific and technological advances. Indeed, technological  inno-
vation  has  been  at the root of nearly all job creation throughout the
twentieth century and will remain the engine of economic growth  in  the
twenty-first,  leading  to  the  creation  of a broad spectrum of higher
paying jobs.
  The legislature further finds that high-technology  economic  develop-
ment must have a high priority for immediate action to set the stage for
retooling our industrial base to meet the challenges of tomorrow's tech-
nology-based economy.
  The legislature further finds that the economic well-being of New York
state  would be served by new and innovative approaches to financing the
small business which traditionally has had difficulty in gaining  access
to  capital  markets  and which are severely hampered in their expansion
activities by their diminished access to capital.
  The legislature further finds that decentralized economic  development
programs enlisting the hands-on expertise of the local economic develop-
ment  communities  are much better able to serve small, local businesses
than centralized state programs.
  Therefore, the legislature declares that the economic interests of New
York state and the well-being of local communities would  be  served  by
supporting  and  stimulating  the small high-technology enterprises that
add economic value to New York providing a broad spectrum of high-paying

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06499-01-1

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