senate Bill S3226A

2013-2014 Legislative Session

Creates the small business technology investment fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 10, 2014 print number 3226a
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

Co-Sponsors

S3226 - Details

Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, amd §3150, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S5469
2009-2010: A1111A

S3226 - 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.

S3226 - Sponsor Memo

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

S3226A (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Add §3154-a, amd §3150, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S5469
2009-2010: A1111A

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.

S3226A (ACTIVE) - Sponsor Memo

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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