senate Bill S2576

2013-2014 Legislative Session

Requires businesses which receive economic development incentives to disclose on a continuing basis the conditions thereof and compliance therewith

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to commerce, economic development and small business
Jan 22, 2013 referred to commerce, economic development and small business

S2576 - Bill Details

Current Committee:
Law Section:
Economic Development Law
Laws Affected:
Add Art 21 ยงยง450 & 451, Ec Dev L
Versions Introduced in 2011-2012 Legislative Session:
S6586

S2576 - Bill Texts

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Requires businesses which receive economic development incentives to disclose to the public, on a continuing basis, the conditions thereof and compliance therewith.

view sponsor memo
BILL NUMBER:S2576

TITLE OF BILL:
An act
to amend the economic development
law, in relation to requiring recipients
of economic
development assistance to fully disclose the prerequisites for such
assistance and their compliance therewith

PURPOSE:
This legislation requires businesses which receive economic
development incentives to disclose on a containing basis the
conditions thereof and compliance therewith.

SUMMARY OF PROVISIONS:

Section One - defines "Economic Development Assistance" as tax credits
and tax exemptions given as incentives to a recipient pursuant to a
development assistance agreement, any other program or incentive
intended to promote and ensure a business relocation or expansion.

Section One - defines "Economic Development Assistance Agreement" is
defined as any agreement executed by the state, or a state or
municipal body and a recipient setting forth all terms conditions and
understandings thereof of the provisions of economic development
assistance.

Section One defines - "Recipient" is defined as any business entity
that receives economic development assistance pursuant to an economic
development assistance agreement.

Section One - states every recipient of the above mentioned assistance
will upon request of any person, provide a copy of each economic
development assistance agreement it has entered into, a summary of
all economic development assistance provided pursuant to such
agreement, a summary and explanation of all the terms and conditions
of such agreement and the extent of compliance with such terms and
conditions and the project to which each such agreement relates.
Every recipient will, in a timely and accurate manner regularly
update all such information.

Section One - states all information required will be made available
to the public and will be posted and made available online, on the
website of the recipient.

Section One - states on or before the first January, April, July and
October; each recipient will submit to the secretary of the state,
all information required to be made available to the public.

Section Two - states this act shall take effect on the first September
next succeeding the date on which it shall has become a law.

JUSTIFICATION:
Any corporation or business receiving any direct or indirect benefits
they receive from NY taxpayers must be held accountable. Corporations


in New York State have received hundreds of millions of dollars from
hard working, taxpayers, while simultaneously outsourcing jobs across
seas and laying off New York State residents.

It is the role of legislators to hold these corporations who receive any
kind of economic development funds from the state, accountable for
doing what the money was intended to do, and that is creating jobs.
This legislation will mandate corporations that receive any kind of
economic assistance from the state, to provide a summary and
explanation of all the terms and conditions of the agreement they
have entered in. These corporations will also be responsible to
provide the extent of compliance the terms and conditions.

This bill will also provide transparency, by requiring these businesses
to make the above mentioned information available to the public,
specifically on their website. Any corporation receiving economic
development assistance from the state will be required submit the
above mentioned information to the secretary of state on or before
the first January, April, July and October of each year.

LEGISLATIVE HISTORY:
3/1/12 Referred to Commerce, Economic Development and Small Business

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE:
This act shall take effect on the first September next succeeding the
date on which it shall has become a law.

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

                                  2576

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 22, 2013
                               ___________

Introduced  by  Sen.  BALL  --  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 requiring
  recipients of economic development assistance to  fully  disclose  the
  prerequisites for such assistance and their compliance therewith

  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 21 to read as follows:
                               ARTICLE 21
               ECONOMIC DEVELOPMENT ASSISTANCE DISCLOSURE
SECTION 450. DEFINITIONS.
        451. DISCLOSURE.
  S 450. DEFINITIONS. AS USED IN THIS ARTICLE:
  (A) "ECONOMIC DEVELOPMENT ASSISTANCE" MEANS:
  (1)  TAX CREDITS AND TAX EXEMPTIONS GIVEN AS INCENTIVES TO A RECIPIENT
PURSUANT TO A DEVELOPMENT ASSISTANCE AGREEMENT; AND
  (2) ANY OTHER PROGRAM OR INCENTIVE INTENDED TO PROMOTE  AND  ENSURE  A
BUSINESS RELOCATION OR EXPANSION.
  (B)  "ECONOMIC  DEVELOPMENT  ASSISTANCE AGREEMENT" MEANS ANY AGREEMENT
EXECUTED BY THE STATE, OR A STATE OR  MUNICIPAL  BODY  AND  A  RECIPIENT
SETTING  FORTH  ALL  TERMS, CONDITIONS AND UNDERSTANDINGS THEREOF OF THE
PROVISION OF ECONOMIC DEVELOPMENT ASSISTANCE.
  (C) "RECIPIENT" MEANS  ANY  BUSINESS  ENTITY  THAT  RECEIVES  ECONOMIC
DEVELOPMENT  ASSISTANCE  PURSUANT  TO AN ECONOMIC DEVELOPMENT ASSISTANCE
AGREEMENT.
  S 451. DISCLOSURE. (A) EVERY RECIPIENT  SHALL,  UPON  REQUEST  OF  ANY
PERSON, PROVIDE A COPY OF EACH ECONOMIC DEVELOPMENT ASSISTANCE AGREEMENT
IT  HAS  ENTERED  INTO, A SUMMARY OF ALL ECONOMIC DEVELOPMENT ASSISTANCE
PROVIDED PURSUANT TO SUCH AGREEMENT, A SUMMARY AND  EXPLANATION  OF  ALL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07335-01-3

S. 2576                             2

TERMS  AND  CONDITIONS  OF SUCH AGREEMENT, THE EXTENT OF COMPLIANCE WITH
SUCH TERMS AND CONDITIONS, AND THE PROJECT TO WHICH EACH SUCH  AGREEMENT
RELATES.  EACH RECIPIENT SHALL IN A TIMELY AND ACCURATE MANNER REGULARLY
UPDATE ALL SUCH INFORMATION.
  (B) ALL INFORMATION REQUIRED TO BE MADE AVAILABLE TO THE PUBLIC PURSU-
ANT  TO  SUBDIVISION (A) OF THIS SECTION SHALL BE POSTED AND MADE AVAIL-
ABLE TO THE PUBLIC ON THE INTERNET WEBSITE OF THE RECIPIENT.
  (C) ON OR BEFORE THE FIRST OF JANUARY, APRIL, JULY AND  OCTOBER,  EACH
RECIPIENT  SHALL  SUBMIT  TO  THE  SECRETARY  OF  STATE, ALL INFORMATION
REQUIRED TO BE MADE AVAILABLE TO THE PUBLIC PURSUANT TO SUBDIVISION  (A)
OF THIS SECTION.
  S  2.  This  act  shall  take  effect  on  the first of September next
succeeding the date on which it shall have become a law.

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