S T A T E   O F   N E W   Y O R K
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                                  5424

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2015
                               ___________

Introduced by M. of A. KOLB, BUTLER, McLAUGHLIN -- Multi-Sponsored by --
  M.  of A. BARCLAY, CORWIN, CROUCH, CURRAN, DUPREY, FINCH, FITZPATRICK,
  GIGLIO, HAWLEY, McDONOUGH, McKEVITT, MONTESANO, OAKS,  RAIA,  SALADINO
  -- read once and referred to the Committee on Economic Development

AN  ACT to amend the state finance law, in relation to the definition of
  a business startup and funds reserved for business startups

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

  Section  1.  Subdivision 4 of section 213 of the state finance law, as
added by chapter 705 of the laws of  1993  and  as  further  amended  by
section  15  of part GG of chapter 63 of the laws of 2000, is amended to
read as follows:
  4. (A) "Certified business" means a business located in an empire zone
created pursuant to article eighteen-B of the general municipal law  and
certified pursuant to such article as eligible for the benefits referred
to  in  section  nine  hundred  sixty-six of such article, OR A BUSINESS
STARTUP AS DEFINED IN THIS SUBDIVISION.
  (B) "BUSINESS STARTUP" MEANS A NEWLY CREATED  BUSINESS  IN  ITS  EARLY
RESEARCH  AND  DEVELOPMENT  STAGE,  AS  DESIGNATED  BY THE DEPARTMENT OF
ECONOMIC DEVELOPMENT.
  S 2. Section 214 of the state finance law, as amended by section 1  of
part P of chapter 59 of the laws of 2007, is amended to read as follows:
  S  214.  Establishment  and  purpose;  linked deposit program authori-
zation.  The excelsior linked deposit program  is  hereby  created.  The
purpose  of  the  program is to encourage and assist eligible businesses
within the state to undertake eligible  projects  that  will  materially
contribute to improving their performance and competitiveness. The comp-
troller  is  hereby  authorized to use any moneys of the state the comp-
troller is authorized to invest pursuant to  section  ninety-eight-a  of
this  chapter  as  linked deposits for the program. Not more than [four]
NINE hundred [sixty] million dollars of such moneys shall be on  deposit

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02662-01-5
              

A. 5424                             2

pursuant  to  the  program  at any given time, PROVIDED THAT TWO HUNDRED
MILLION DOLLARS OF SUCH FUNDS SHALL BE RESERVED FOR BUSINESS STARTUPS AS
DEFINED BY SUBDIVISION FOUR OF SECTION  TWO  HUNDRED  THIRTEEN  OF  THIS
ARTICLE.   The commissioner of taxation and finance is hereby authorized
to use funds in the linked deposit program fund established pursuant  to
section ninety-two-v of this chapter as linked deposits for the program.
Not  more  than  one  hundred  million  dollars  from the linked deposit
program fund shall be on deposit pursuant to the program  at  any  given
time.
  S 3. This act shall take effect immediately.