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Assembly Bill A11018

2017-2018 Legislative Session

Relates to creating pilot programs to incentivize consumers to buy locally

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Archive: Last Bill Status - In Assembly Committee

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2017-A11018 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act

2017-A11018 (ACTIVE) - Summary

Relates to creating pilot programs to incentivize consumers to buy locally; up to ten pilot projects may be created in regions across the state that incorporate the principles of community currency or local community dollars.

2017-A11018 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11018
 
                           I N  A S S E M B L Y
 
                               May 31, 2018
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Kim, Vanel,
   Thiele) -- read once and referred to the Committee on Economic  Devel-
   opment
 
 AN ACT to amend the New York state urban development corporation act, in
   relation  to  creating  pilot programs to incentivize consumers to buy
   locally
 
   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) LOANS AND GRANTS TO BUSINESSES, NOT-FOR-PROFITS  AND  OTHER  ENTI-
 TIES,  ON  A  COMPETITIVE  BASIS  TO FINANCE UP TO TEN PILOT PROJECTS IN
 REGIONS ACROSS THE STATE THAT INCORPORATE THE  PRINCIPALS  OF  COMMUNITY
 CURRENCY  OR  LOCAL  COMMUNITY  DOLLARS. SUCH LOANS AND GRANTS SHALL NOT
 EXCEED MORE THAN THREE  HUNDRED  THOUSAND  DOLLARS  FOR  ANY  ONE  PILOT
 PROGRAM. FOR THE PURPOSES OF THIS PARAGRAPH, COMMUNITY CURRENCY SHALL BE
 LIMITED  TO,  CRYPTO-CURRENCIES  THAT  ARE APPROVED BY THE DEPARTMENT OF
 FINANCIAL SERVICES. SUCH COMMUNITY CURRENCY SHALL BE ISSUED  AND  REGIS-
 TERED  AT  THE MUNICIPAL LEVEL FOR USE AT LOCAL PARTICIPATING BUSINESSES
 FOR GOODS AND SERVICES. SUCH COMMUNITY CURRENCIES PILOT  PROGRAMS  SHALL
 ACTIVELY ENCOURAGE THE PARTICIPATION OF LOCAL BUSINESSES AND SHALL OPER-
 ATE  UNDER  THE PREMISE THAT LOCAL RESIDENTS AND BUSINESSES CAN EXCHANGE
 UNITED STATES CURRENCY FOR COMMUNITY CURRENCIES AT  LOCAL  PARTICIPATING
 VENDORS, WHO MAY OFFER DISCOUNTS FOR THE COMMUNITY CURRENCY TO ENCOURAGE
 USE  AND  VITALITY OF SUCH PROGRAM.  SUCH COMMUNITY CURRENCY MAY BE USED
 OR TRADED AT PARTICIPATING BUSINESSES IN THE COMMUNITY TO PROMOTE  MONEY
 BEING  CIRCULATED IN THE LOCAL ECONOMY AND TO ENCOURAGE CONSUMERS TO BUY
 LOCALLY.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16136-01-8

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