senate Bill S546

2013-2014 Legislative Session

Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions

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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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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to commerce, economic development and small business
Jan 09, 2013 referred to commerce, economic development and small business

Co-Sponsors

S546 - Details

Current Committee:
Law Section:
Economic Development Law
Laws Affected:
Add §131-a, Ec Dev L; amd §213, St Fin L; amd §16-t, UDC Act
Versions Introduced in 2011-2012 Legislative Session:
S7556

S546 - Summary

Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions.

S546 - Sponsor Memo

S546 - Bill Text download pdf

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

                                   546

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. KENNEDY -- 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, the state finance law and
  the New York state urban development corporation act, in  relation  to
  making small business loans available to microbusinesses

  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
section 131-a to read as follows:
  S 131-A. DEFINITION OF A MICROBUSINESS. FOR THE PURPOSES OF THIS CHAP-
TER,  A  MICROBUSINESS SHALL BE DEEMED TO BE A BUSINESS THAT IS RESIDENT
IN THIS STATE, INDEPENDENTLY OWNED AND OPERATED,  NOT  DOMINANT  IN  ITS
FIELD AND EMPLOYS UNDER FIVE PERSONS.
  S  2.  Paragraph  (f)  of  subdivision  11 of section 213 of the state
finance law, as added by chapter 705 of the laws of 1993, is amended and
a new paragraph (g) is added to read as follows:
  (f) any service business that is independently owned and operated,  is
not  dominant  in  its  field, employs one hundred or fewer persons on a
full-time basis within the state, and is seeking financing  through  the
program  for  a project that will result in the retention or creation of
permanent private sector jobs within the state, other  than  a  business
that  sells a service rendered at a facility personally by an individual
for another individual, directly, without the intervention  of  a  third
party,  or  a  professional  service  business  such  as  health, legal,
accounting, engineering, or architectural services[.]; OR
  (G) A MICROBUSINESS, AS DEFINED BY SECTION ONE HUNDRED THIRTY-ONE-A OF
THE ECONOMIC DEVELOPMENT LAW, THAT HAS BEEN IN OPERATION FOR FIVE  YEARS
AND  THAT  IS  LOCATED  IN  AN  EMPIRE  ZONE, EMPOWERMENT ZONE, A HIGHLY
DISTRESSED AREA OR RENEWAL COMMUNITY.

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

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