senate Bill S3354

2017-2018 Legislative Session

Enacts the unified economic development budget act

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 09, 2018 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1124
committee discharged and committed to rules
Mar 19, 2018 notice of committee consideration - requested
Jan 03, 2018 referred to corporations, authorities and commissions
Jan 23, 2017 referred to corporations, authorities and commissions

Co-Sponsors

S3354 (ACTIVE) - Details

Law Section:
Business Corporation Law
Laws Affected:
Add Art 14 §§1401 - 1404, BC L
Versions Introduced in Other Legislative Sessions:
2011-2012: S2854
2013-2014: S3446
2015-2016: S2669
2019-2020: S3364

S3354 (ACTIVE) - Summary

Enacts the unified economic development budget act.

S3354 (ACTIVE) - Sponsor Memo

S3354 (ACTIVE) - Bill Text download pdf


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

                                  3354

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 23, 2017
                               ___________

Introduced  by Sens. KRUEGER, PERKINS, SERRANO -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Corpo-
  rations, Authorities and Commissions

AN  ACT  to  amend the business corporation law, in relation to enacting
  the unified economic development budget act

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

  Section  1.  Short  title. This act shall be known and may be cited as
the "unified economic development budget act".
  § 2. The business corporation law is amended by adding a  new  article
14 to read as follows:
                               ARTICLE 14
                   UNIFIED ECONOMIC DEVELOPMENT BUDGET
SECTION 1401. DEFINITIONS.
        1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
        1403. STANDARDIZED  APPLICATIONS  FOR  STATE DEVELOPMENT ASSIST-
                ANCE.
        1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
§ 1401. DEFINITIONS.
  AS USED IN THIS ARTICLE:
  (A) "ANNUAL TAX EXPENDITURE REPORT"  IS  AS  DEFINED  BY  SECTION  ONE
HUNDRED EIGHTY-ONE OF THE EXECUTIVE LAW.
  (B) "BASE YEARS" MEANS THE FIRST TWO COMPLETE CALENDAR YEARS FOLLOWING
THE EFFECTIVE DATE OF A RECIPIENT RECEIVING DEVELOPMENT ASSISTANCE.
  (C) "DATE OF ASSISTANCE" MEANS THE COMMENCEMENT DATE OF THE ASSISTANCE
AGREEMENT,  WHICH DATE TRIGGERS THE PERIOD DURING WHICH THE RECIPIENT IS
OBLIGATED TO CREATE OR  RETAIN  JOBS  AND  CONTINUE  OPERATIONS  AT  THE
SPECIFIC PROJECT SITE.
  (D)  "DEVELOPMENT  ASSISTANCE" MEANS: (1) TAX EXPENDITURES GIVEN AS AN
INCENTIVE TO  RECIPIENT  BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS  AND
GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES;

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

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