|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 19, 2014||referred to economic development|
delivered to assembly
|May 05, 2014||advanced to third reading|
|Apr 30, 2014||2nd report cal.|
|Apr 29, 2014||1st report cal.402|
|Apr 11, 2014||referred to commerce, economic development and small business|
senate Bill S6990
Relates to the excelsior jobs program and eligible business entities
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
view actions (7)
Jun 19, 2014 - floor VoteS6990580floor58Aye0Nay0Absent3Excused0Abstained
show floor vote details
Floor Vote: Jun 19, 2014aye (58)
Apr 29, 2014 - Commerce, Economic Development and Small Business committee VoteS6990110committee11Aye0Nay1Aye with Reservations0Absent0Excused0Abstained
- show floor vote details
S6990 - Bill Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
- Economic Development Law
- Laws Affected:
- Amd §§352 & 353, Ec Dev L
S6990 - Bill Texts
Relates to the excelsior jobs program and eligible business entities.
view sponsor memo
TITLE OF BILL: An act to amend the economic development law, in
relation to the excelsior jobs program and eligible business entities
Purpose of the Bill:
The bill would amend the Excelsior Jobs Program to include corporate
headquarters as strategic businesses eligible for the Program.
Summary of Provisions:
Section 1 of the bill would add the definition of "corporate
headquarters" in a new subdivision 6 of Economic Development Law (EDL)
§ 352. The subsequent subdivisions previously numbered 6 through 19
would be renumbered.
Section 2 of the bill would revise renumbered subdivision 15 of EDL
152 to include corporate headquarters under the definition of
"regionally significant project."
Section 3 of the bill would insert a new paragraph (h) into EDL
353(1) to include corporate headquarters as strategic business
entities eligible for the Program. Subdivisions 3 and 4 of EDL § 353
would be amended to require corporate headquarters to create at least
100 net new jobs, or meet the existing requirements of subdivision 4,
in order to participate in the Program.
Corporate headquarters are not currently eligible to participate in
the Excelsior Jobs Program.
Prior Legislative History:
This is a new bill.
Statement in Support:
Under the current law, corporate headquarters are not included as an
eligible strategic business for purposes of the Excelsior Jobs
Program. Amending the law to include corporate headquarters is
advantageous to the State because corporate headquarters projects, by
their very nature, involve high-paying jobs, which would generate tax
revenue for the State. In addition, attracting headquarters operations
may lead to establishing additional business units as decision-makers
become more familiar with the operating climate in the State. The
presence of a headquarters may also attract other high-level
businesses that interact with management, such as finance, accounting,
and management consulting.
The inclusion of corporate headquarters as regionally significant
projects is important as well, because this designation makes these
projects eligible for the real property tax credit which can prove to
be a significant incentive for businesses to locate their operations
in the State.
This bill will have no fiscal impact on the State because the
Excelsior Jobs Program is capped and may lead to additional tax
revenue if businesses locate corporate headquarters in the State.
This bill would take effect immediately.
view full text
S T A T E O F N E W Y O R K ________________________________________________________________________ 6990 I N S E N A T E April 11, 2014 ___________ Introduced by Sen. MARTINS -- (at request of the Empire State Develop- ment) -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Development and Small Business AN ACT to amend the economic development law, in relation to the excels- ior jobs program and eligible business entities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19 of section 352 of the economic development law are renumbered subdivisions 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19 and 20 and a new subdivision 6 is added to read as follows: 6. "CORPORATE HEADQUARTERS" MEANS A PLACE WHERE THE EXECUTIVES AND SENIOR MANAGERS OF A COMPANY OR BUSINESS UNIT DIRECT, CONTROL AND COOR- DINATE THE OPERATIONS OF THE COMPANY OR BUSINESS UNIT AS A WHOLE ON A DAY-TO-DAY BASIS. IT IS THE PART OF A CORPORATE STRUCTURE THAT COMMONLY DEALS WITH IMPORTANT TASKS SUCH AS STRATEGIC PLANNING, CORPORATE COMMU- NICATIONS, TAXES, LAW, MARKETING, FINANCE, HUMAN RESOURCES, AND INFORMA- TION TECHNOLOGY. THESE TASKS INCLUDE ALL CORPORATE FUNCTIONS NECESSARY TO STEER THE FIRM BY DEFINING AND ESTABLISHING CORPORATE POLICY. S 2. Subdivision 15 of section 352 of the economic development law, as added by section 1 of part MM of chapter 59 of the laws of 2010 and as renumbered by section one of this act, is amended to read as follows: 15. "Regionally significant project" means (a) a manufacturer creating at least fifty net new jobs in the state and making significant capital investment in the state; (b) a business creating at least twenty net new jobs in agriculture in the state and making significant capital invest- ment in the state, (c) a financial services firm, distribution center, [or] back office operation OR CORPORATE HEADQUARTERS creating at least three hundred net new jobs in the state and making significant capital investment in the state, or (d) a scientific research and development firm creating at least twenty net new jobs in the state, and making significant capital investment in the state. Other businesses creating three hundred or more net new jobs in the state and making significant EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13910-02-4 S. 6990 2 capital investment in the state may be considered eligible as a regionally significant project by the commissioner as well. The commis- sioner shall promulgate regulations pursuant to section three hundred fifty-six of this article to determine what constitutes significant capital investment for each of the project categories indicated in this subdivision and what additional criteria a business must meet to be eligible as a regionally significant project, including, but not limited to, whether a business exports a substantial portion of its products or services outside of the state or outside of a metropolitan statistical area or county within the state. S 3. Paragraphs (g) and (h) of subdivision 1, and subdivisions 3 and 4 of section 353 of the economic development law, paragraphs (g) and (h) of subdivision 1 as amended by section 2 of part G of chapter 61 of the laws of 2011 and subdivisions 3 and 4 as amended by section 1 of part C of chapter 68 of the laws of 2013, are amended to read as follows: (g) in a distribution center; [or] (h) IN A CORPORATE HEADQUARTERS; OR (I) in an industry with significant potential for private-sector economic growth and development in this state as established by the commissioner in regulations promulgated pursuant to this article. In promulgating such regulations the commissioner shall include job and investment criteria. 3. For the purposes of this article, in order to participate in the excelsior jobs program, a business entity operating predominantly in manufacturing must create at least ten net new jobs; a business entity operating predominately in agriculture must create at least five net new jobs; a business entity operating predominantly as a financial service data center or financial services customer back office operation must create at least fifty net new jobs; a business entity operating predomi- nantly in scientific research and development must create at least five net new jobs; a business entity operating predominantly in software development must create at least five net new jobs; a business entity creating or expanding back office operations must create at least fifty net new jobs; A BUSINESS ENTITY OPERATING AS A CORPORATE HEADQUARTERS MUST CREATE AT LEAST ONE HUNDRED NET NEW JOBS; or a business entity operating predominantly as a distribution center in the state must create at least seventy-five net new jobs, notwithstanding subdivision five of this section; or a business entity must be a regionally signif- icant project as defined in this article; or 4. A business entity operating predominantly in one of the industries referenced in paragraphs (a) through [(h)] (I) of subdivision one of this section but which does not meet the job requirements of subdivision three of this section must have at least twenty-five full-time job equivalents unless such business is a business entity operating predomi- nantly in manufacturing then it must have at least ten full-time job equivalents and must demonstrate that its benefit-cost ratio is at least ten to one. S 4. This act shall take effect immediately.
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