| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 10, 2014 |
print number 3226a |
| Feb 10, 2014 |
amend and recommit to commerce, economic development and small business |
| Jan 08, 2014 |
referred to commerce, economic development and small business |
| Jan 31, 2013 |
referred to commerce, economic development and small business |
Senate Bill S3226A
2013-2014 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee
Actions
Bill Amendments
co-Sponsors
(D) 15th Senate District
2013-S3226 - Details
- Current Committee:
- Senate Commerce, Economic Development And Small Business
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §3154-a, amd §3150, Pub Auth L
- Versions Introduced in 2011-2012 Legislative Session:
-
S5469
2013-S3226 - Sponsor Memo
BILL NUMBER:S3226
TITLE OF BILL: An act to amend the public authorities law, in
relation to creating the small business technology investment fund
PURPOSE OR GENERAL IDEA OF BILL: Authorizes the New York State
Foundation for Science, Technology and Innovation (hereinafter the
"Foundation") to invest in regional investment funds that provide seed
capital to qualified enterprises
SUMMARY OF SPECIFIC PROVISIONS: The Foundation would issue RFPs to
regional and local economic development organizations, technology
development organizations, research universities, and equity funds and
make awards in regional equity funds to provide seed capital for early
stage commercialization of technologies The equity funds would be
managed by individuals who have such expertise and funds would be
awarded to firms which have the greatest potential for job creation.
Individual investments would not exceed two million dollars and be
matched by at least a one-to-one basis with funds other than state
monies. The foundation would require regional funds to file annual
reports on the use of funds and is required to summarize and evaluate
these reports for the legislature and the governor. The foundation
board is required to prepare a plan for liquidation of the fund within
90 days of the enactment of this legislation.
EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: None.
2013-S3226 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3226
2013-2014 Regular Sessions
I N S E N A T E
January 31, 2013
___________
Introduced by Sen. PARKER -- 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 public authorities law, in relation to creating the
small business technology investment fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The public authorities law is amended by adding a new
section 3154-a to read as follows:
S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT FUND. 1. DEFI-
NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS
SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTEXT SHALL INDICATE
ANOTHER OR DIFFERENT MEANING OR INTENT:
(A) "REGIONAL INVESTMENT FUND" SHALL MEAN A LIMITED PARTNERSHIP, A
LIMITED LIABILITY PARTNERSHIP, A LIMITED LIABILITY COMPANY OR A
NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY MANAGED BY AN EXPERIENCED
FUND MANAGER, IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO
TECHNOLOGY-BASED COMPANIES IN THEIR FORMATIVE STAGES, ENCOMPASSES AT
LEAST TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN
NEW YORK STATE.
(B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED COMPANY
THAT HAS OR WILL LOCATE ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK
STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND
DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES THE POTENTIAL FOR
SUBSTANTIAL GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD
AS DEFINED IN SECTION THIRTY-ONE HUNDRED TWO-E OF THIS ARTICLE OR AS
ADOPTED BY THE BOARD.
(C) "SEED CAPITAL" SHALL MEAN FINANCIAL ASSISTANCE TO A QUALIFIED
ENTERPRISE, WHICH HAS FORMULATED A DETAILED BUSINESS PLAN, FOR
PROOF-OF-CONCEPT OR INITIAL PRODUCT COMMERCIALIZATION.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06912-01-3
co-Sponsors
(D) 15th Senate District
2013-S3226A (ACTIVE) - Details
- Current Committee:
- Senate Commerce, Economic Development And Small Business
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §3154-a, amd §3150, Pub Auth L
- Versions Introduced in 2011-2012 Legislative Session:
-
S5469
2013-S3226A (ACTIVE) - Summary
Creates the small business technology investment fund; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.
2013-S3226A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3226A
TITLE OF BILL: An act to amend the public authorities law, in
relation to creating the small business technology investment fund
PURPOSE OR GENERAL IDEA OF BILL:
Authorizes the New York State Foundation for Science, Technology and
Innovation (hereinafter the "Foundation") to invest in regional
investment funds that provide seed capital to qualified enterprises
SUMMARY OF SPECIFIC PROVISIONS:
The Foundation would issue RFPs to regional and local economic
development organizations, technology development organizations,
research universities, and equity funds and make awards in regional
equity funds to provide seed capital for early stage commercialization
of technologies The equity funds would be managed by individuals who
have such expertise and funds would be awarded to firms which have the
greatest potential for job creation. Individual investments would not
exceed two million dollars and be matched by at least a one-to-one
basis with funds other than state monies. The foundation would require
regional funds to file annual reports on the use of funds and is
required to summarize and evaluate these reports for the legislature
and the governor. The foundation board is required to prepare a plan
for liquidation of the fund within 90 days of the enactment of this
2013-S3226A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3226--A
2013-2014 Regular Sessions
I N S E N A T E
January 31, 2013
___________
Introduced by Sens. PARKER, ADDABBO -- read twice and ordered printed,
and when printed to be committed to the Committee on Commerce, Econom-
ic Development and Small Business -- recommitted to the Committee on
Commerce, Economic Development and Small Business in accordance with
Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the public authorities law, in relation to creating the
small business technology investment fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The public authorities law is amended by adding a new
section 3154-a to read as follows:
S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT FUND. 1. DEFI-
NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS
SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTEXT SHALL INDICATE
ANOTHER OR DIFFERENT MEANING OR INTENT:
(A) "REGIONAL INVESTMENT FUND" SHALL MEAN A LIMITED PARTNERSHIP, A
LIMITED LIABILITY PARTNERSHIP, A LIMITED LIABILITY COMPANY OR A
NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY MANAGED BY AN EXPERIENCED
FUND MANAGER, IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO
TECHNOLOGY-BASED COMPANIES IN THEIR FORMATIVE STAGES, ENCOMPASSES AT
LEAST TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN
NEW YORK STATE.
(B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED COMPANY
THAT HAS OR WILL LOCATE ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK
STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND
DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES THE POTENTIAL FOR
SUBSTANTIAL GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD
AS DEFINED IN SECTION THIRTY-ONE HUNDRED TWO-E OF THIS ARTICLE OR AS
ADOPTED BY THE BOARD.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06912-02-4
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