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Assembly Bill A10099

2015-2016 Legislative Session

Relates to the creation of micro-business worker cooperatives upon transfer of ownership

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Archive: Last Bill Status - In Senate Committee Cities Committee

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2015-A10099 (ACTIVE) - Details

Current Committee:
Senate Cities
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act; amd §104-a, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2017-2018: A2804
2019-2020: A10156
2021-2022: A6286

2015-A10099 (ACTIVE) - Summary

Relates to the creation of micro-business worker cooperatives upon transfer of ownership.

2015-A10099 (ACTIVE) - Bill Text download pdf 

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

                                  10099

                          I N  A S S E M B L Y

                              May 10, 2016
                               ___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Small Business

AN ACT to amend the New York state urban development corporation act and
  the economic development law, in relation to the creation of micro-bu-
  siness worker cooperatives upon transfer of ownership

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 16-m of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, is amended by adding a new paragraph  (o)  to  read  as
follows:
  (O)  ASSISTANCE TO ELIGIBLE ENTITIES PURSUANT TO ARTICLE FIVE-A OF THE
COOPERATIVE CORPORATIONS LAW TO PROVIDE FINANCING IN THE FORM OF  LOANS,
LOAN  GUARANTEES,  AND  INTEREST  SUBSIDY GRANTS TO SUBSIDIZE LOANS FROM
FEDERALLY CHARTERED INSTRUMENTALITIES  AND  STATE  AND  PRIVATE  LENDING
INSTITUTIONS  TO  FACILITATE  THE  CREATION  OF WORKER COOPERATIVES THAT
PROMOTE CONTINUATION OF EXISTING MICRO-BUSINESSES EITHER AS A PART OF  A
PREEXISTING  BUSINESS  SUCCESSION  OF  OWNERSHIP  PLAN OR AS ALTERNATIVE
OPTION IF A BUSINESS IS BEING  OFFERED  FOR  SALE  OR  TRANSFER  BY  THE
CURRENT  OWNER  OR  THE  HEIRS  OR  ESTATE  OF A DECEASED OWNER. FOR THE
PURPOSES OF THIS SECTION, A MICRO-BUSINESS SHALL BE DEFINED AS  A  BUSI-
NESS  WITH FIVE OR LESS FULL-TIME OR FULL-TIME EQUIVALENT EMPLOYEES. ALL
ELIGIBLE ENTITIES SHALL BE REQUIRED TO SUBMIT A BUSINESS PLAN WITH THEIR
APPLICATION REQUESTING ASSISTANCE.
  S 2. The opening paragraph of section 104-a of the  economic  develop-
ment  law,  as  added  by chapter 788 of the laws of 1983, is amended to
read as follows:
  With respect to employee ownership assistance loans  provided  for  in
subtitle  six  of title eight of article eight of the public authorities
law AND PARAGRAPH (O) OF SUBDIVISION ONE OF SECTION SIXTEEN-M OF SECTION
ONE OF CHAPTER ONE HUNDRED SEVENTY-FOUR OF THE LAWS OF NINETEEN  HUNDRED
SIXTY-EIGHT,  CONSTITUTING  THE  NEW YORK STATE URBAN DEVELOPMENT CORPO-
RATION ACT, the department shall have the power and duty and in  cooper-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15281-01-6

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