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Assembly Bill A5928

2017-2018 Legislative Session

Relates to the definition of a business startup and funds reserved for business startups

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Archive: Last Bill Status - In Assembly Committee

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2017-A5928 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Amd §§213 & 214, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A11280
2011-2012: A4802
2013-2014: A1563
2015-2016: A5424
2019-2020: A4447

2017-A5928 (ACTIVE) - Summary

Relates to the definition of a business startup and funds reserved for business startups.

2017-A5928 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5928
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 17, 2017
                                ___________
 
 Introduced by M. of A. KOLB, BUTLER, McLAUGHLIN -- Multi-Sponsored by --
   M. of A.  BARCLAY, CROUCH, CURRAN, FINCH, FITZPATRICK, GIGLIO, HAWLEY,
   McDONOUGH,  McKEVITT,  MONTESANO, OAKS, RAIA -- 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.
   §  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:
   § 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.

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