|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|
senate Bill S546
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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:
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
BILL NUMBER:S546 TITLE OF BILL: 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 PURPOSE: To provide that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions. SUMMARY OF PROVISIONS: Section 1 adds a new section 131-a to the economic development law to include the definition of a microbusiness as one that is resident in New York state, independently owned and operated, not dominant in its field, and employs under five persons. Section 2 amends paragraph f subdivision 11 of section 213 of the state finance law, as added by chapter 705 of the laws of 1993, by adding a new paragraph g stating that a microbusiness (that has been in operation for 5 years and that is located in an empire zone, empowerment zone, a highly distressed area of renewal community) is an eligible business for the purpose of the excelsior linked deposit program.
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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