S T A T E O F N E W Y O R K
________________________________________________________________________
10156
I N A S S E M B L Y
May 13, 2016
___________
Introduced by M. of A. SCHIMMINGER -- read once and referred to the
Committee on Economic Development
AN ACT to amend the economic development law, in relation to eligibility
to participate in the excelsior jobs program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 16 of section 352 of the economic development
law, as amended by section 1 of part K of chapter 59 of the laws of
2015, is amended and a new subdivision 20-a is added to read as follows:
16. "Regionally significant project" means (a) a manufacturer creating
at least [fifty] TEN net new jobs in the state and making significant
capital investment in the state; (b) a business creating at least [twen-
ty] TEN net new jobs in agriculture in the state and making significant
capital investment in the state, (c) a financial services firm, distrib-
ution center, or back office operation creating at least [three] ONE
hundred net new jobs in the state and making significant capital invest-
ment in the state, (d) a scientific research and development firm creat-
ing at least [twenty] TEN net new jobs in the state, and making signif-
icant capital investment in the state or (e) an entertainment company
creating or obtaining at least two hundred net new jobs in the state and
making significant capital investment in the state. Other businesses
creating [three] ONE hundred FIFTY or more net new jobs in the state and
making significant capital investment in the state may be considered
eligible as a regionally significant project by the commissioner as
well. The commissioner 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 indi-
cated 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.
20-A. "SIGNIFICANT CAPITAL INVESTMENT" MEANS A PROJECT WHICH WILL BE
EITHER A NEWLY CONSTRUCTED FACILITY OR A NEWLY CONSTRUCTED ADDITION TO,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15191-02-6
A. 10156 2
EXPANSION OF OR IMPROVEMENT OF A FACILITY, CONSISTING OF TANGIBLE
PERSONAL PROPERTY AND OTHER TANGIBLE PROPERTY, INCLUDING BUILDINGS AND
STRUCTURAL COMPONENTS OF BUILDINGS, THAT ARE DEPRECIABLE PURSUANT TO
SECTION ONE HUNDRED SIXTY-SEVEN OF THE INTERNAL REVENUE CODE, HAVE A
USEFUL LIFE OF FOUR YEARS OR MORE, ARE ACQUIRED BY PURCHASE AS DEFINED
IN SECTION ONE HUNDRED SEVENTY-NINE (D) OF THE INTERNAL REVENUE CODE,
AND THAT IS EQUAL TO OR EXCEEDS (A) ONE MILLION DOLLARS FOR A MANUFAC-
TURER; (B) TWO HUNDRED FIFTY THOUSAND DOLLARS FOR AN AGRICULTURE BUSI-
NESS; (C) THREE MILLION DOLLARS FOR A FINANCIAL SERVICES FIRM OR BACK
OFFICE OPERATION; (D) FIFTEEN MILLION DOLLARS FOR A DISTRIBUTION CENTER;
(E) THREE MILLION DOLLARS FOR A SCIENTIFIC RESEARCH AND DEVELOPMENT
FIRM; OR (F) THREE MILLION DOLLARS FOR OTHER BUSINESSES.
S 2. Subdivisions 3 and 4 of section 353 of the economic development
law, subdivision 3 as amended by section 2 of part K of chapter 59 of
the laws of 2015 and subdivision 4 as amended by section 1 of part C of
chapter 68 of the laws of 2013, are amended to read as follows:
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] FIVE 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] TWENTY-FIVE net new jobs; a business entity
operating predominantly in scientific research and development must
create at least five net new jobs; a business entity operating predomi-
nantly 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] TWENTY-FIVE net new jobs; a business entity operating
predominately in music production must create at least five net new
jobs; a business entity operating predominantly as an entertainment
company must create or obtain 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] FIFTY net new jobs, notwith-
standing subdivision five of this section; or a business entity must be
a regionally significant project as defined in this article; or
4. A business entity operating predominantly in one of the industries
referenced in paragraphs (a) through (h) 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] FIVE full-time
job equivalents and must demonstrate that its benefit-cost ratio is at
least ten to one.
S 3. This act shall take effect immediately.