Assembly Bill A8115

2015-2016 Legislative Session

Relates to requirements for economic development grants

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A8115 (ACTIVE) - Details

See Senate Version of this Bill:
S2651
Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §100, Ec Dev L; add §11-a, St Fin L
Versions Introduced in 2013-2014 Legislative Session:
A9863

2015-A8115 (ACTIVE) - Summary

Establishes requirements for economic development grant recipients and specifies the steps that must be taken by the commissioner of economic development in terms of repayment.

2015-A8115 (ACTIVE) - Bill Text download pdf

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

                                  8115

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2015
                               ___________

Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
  tee on Economic Development

AN ACT to amend the economic development law and the state finance  law,
  in  relation  to certain requirements for and restrictions on economic
  development grant recipients

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

  Section  1.  This  act  shall  be  known and may be cited as the "jobs
protection act".
  S 2. Subdivision 19 of section 100 of the economic development law  is
amended by adding a new paragraph (c) to read as follows:
  (C)  TO  ADOPT  REGULATIONS IN ACCORDANCE WITH SECTION ELEVEN-A OF THE
STATE FINANCE LAW, TO ESTABLISH THE TERMS AND CONDITIONS  OF  REPAYMENT,
INCLUDING  SPECIFYING  THE  CONDITIONS  UNDER  WHICH  REPAYMENT  MAY  BE
DEFERRED, FOLLOWING A DETERMINATION BY THE COMMISSION  OF  A  LEGITIMATE
HARDSHIP.
  S  3. The state finance law is amended by adding a new section 11-a to
read as follows:
  S 11-A. REQUIREMENTS FOR ECONOMIC DEVELOPMENT GRANT  RECIPIENTS.    1.
ANY  PERSON  OR  BUSINESS  ORGANIZATION  THAT RECEIVES AN AWARD OR GRANT
THROUGH ANY ECONOMIC DEVELOPMENT PROGRAM, WHERE SUCH AWARD OR GRANT ALSO
REQUIRES THE CREATION OF JOBS, SHALL NOT REDUCE THE NUMBER OF  EMPLOYEES
WHO  WERE  EMPLOYED WITHIN THE STATE AT THE TIME SUCH PERSON OR BUSINESS
ORGANIZATION ACCEPTED THE FINANCIAL  ASSISTANCE  FOR  FIVE  YEARS  AFTER
RECEIVING  SUCH  ASSISTANCE  OR  DURING  THE TERM OF THE AWARD OR GRANT,
WHICHEVER IS LONGER, UNLESS THE FULL AMOUNT OF ASSISTANCE IS  REPAID  TO
THE  STATE  AND  A PENALTY EQUAL TO FIVE PERCENT OF THE TOTAL ASSISTANCE
RECEIVED IS PAID TO THE STATE. AS USED IN THIS SECTION, THE TERM  "BUSI-
NESS" SHALL INCLUDE ANY DIVISION OF A BUSINESS OR SUBSIDIARY INSTITUTION
CONTROLLED, DIRECTLY OR INDIRECTLY, BY ANOTHER INSTITUTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05998-02-5

              

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