NY State Senate Bill 2017-S5307

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to corporations, authorities and commissions
Mar 20, 2017	referred to corporations, authorities and commissions

2017-S5307 (ACTIVE) - Details

See Assembly Version of this Bill:: A8119
Current Committee:: Senate Corporations, Authorities And Commissions
Law Section:: New York State Urban Development Corporation Act
Laws Affected:: Amd §16-v, UDC Act

2017-S5307 (ACTIVE) - Summary

Increases the number of New York state incubator hot spots from five to ten; makes related provisions.

2017-S5307 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5307

 TITLE OF BILL :  An act to amend the New York State urban development
corporation act, in relation to the incubator program

 PURPOSE :

This bill would amend the Incubator and Innovation Hot Spot program to
clarify language in the statute and provide an environment that
strengthens the program and fosters collaboration amongst the Hot
Spots and Incubators.

 SUMMARY OF PROVISIONS :

Section one of the bill would amend Urban Development Corporation Act
(UDCA) § 16- v(2)(c)to clarify the designation of ten Hot Spots is not
limited to a certain timeframe.

Section two of the bill would amend UDCA § 16-v(c)(5) to exclude only
indirect costs from acceptable expenses.

Section three of the bill would amend UDCA § 16-v(6) to clarify that
allowing the Economic State Development Corporation (ESD) to make
other assistance available as appropriate to designees is
discretionary and not a mandatory requirement of the law.

Section four of the bill would amend UDCA § 16-v(8) would allow Hot
Spots to enter into a memorandum of understanding with Incubators to
provide tax benefits or provide services or assistance to clients in
addition to what is provided by the Incubator.

Section five of the bill would make it effective immediately.

 JUSTIFICATION :

This bill would strengthen the New York State Certified Business
Incubator and Innovation Hot Spots program and leverage state funding
to expand services to a greater number of entrepreneurs and startup
companies. Current law creates competition among the Certified
Incubators and Innovation Hot Spots instead of fostering
collaboration.

This bill would clarify that an early stage company working with both
a Certified Incubator and an Innovative Hot Spot can still realize the
tax benefit through the Hot Spot as long as a MOU is in place between
both entities. This change would not only benefit the business
entities, but the overall growth of the entrepreneurial ecosystem of
the State of New York.

 LEGISLATIVE HISTORY :

This is a new bill.

 FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
This act shall take effect immediately.

2017-S5307 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5307
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- (at request of the Empire State Develop-
   ment) -- read twice and  ordered  printed,  and  when  printed  to  be
   committed  to  the  Committee on Corporations, Authorities and Commis-
   sions
 
 AN ACT to amend the New York State urban development corporation act, in
   relation to the incubator program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (c) of subdivision 2 of section 16-v of section 1
 of  chapter  174  of  the  laws of 1968, constituting the New York State
 urban development corporation act, as added by section 1 of  part  C  of
 chapter 59 of the laws of 2013, is amended to read as follows:
   (c)  The  corporation,  subject  to  appropriations  provided for this
 purpose, may approve and designate [five] TEN New York  state  incubator
 hot  spots  [in  fiscal year two thousand thirteen-two thousand fourteen
 and five additional New York state innovation hot spots in  fiscal  year
 two  thousand  fourteen-two  thousand  fifteen].  Such designees will be
 required to demonstrate an affiliation with and the application  support
 of at least one college, university or independent research institution,
 and that its programs and purposes are consistent with regional economic
 development strategies.
   §  2.  Paragraph  (c) of subdivision 5 of section 16-v of section 1 of
 chapter 174 of the laws of 1968, constituting the New York  State  urban
 development  corporation act, as added by section 1 of part C of chapter
 59 of the laws of 2013, is amended to read as follows:
   (c) No deduction. In addition to the foregoing requirements, an  incu-
 bator  sponsor  shall  agree  to  dedicate  all funds from any grants or
 support received pursuant to this subdivision to the operations  of  the
 incubator without deductions for [overhead,] indirect costs[, or facili-
 ties and administration charges] of such sponsor.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09983-01-7

 S. 5307                             2
 
   §  3. Subdivision 6 of section 16-v of section 1 of chapter 174 of the
 laws of 1968, constituting the New York State urban  development  corpo-
 ration act, as added by section 1 of part C of chapter 59 of the laws of
 2013, is amended to read as follows:
   6.  Other assistance. The corporation [shall] MAY make such other aid,
 assistance, and resources available to New  York  state  innovation  hot
 spots  and  New York state incubators and their clients as it shall deem
 useful and appropriate for the furtherance of the purposes of this  act,
 including without limitation technical assistance, aid in marketing, aid
 in  reaching  and  providing  entrepreneurship training opportunities to
 such marginalized groups as those composed of individuals who are minor-
 ity, female, disabled, or poor, and others, curriculum development,  and
 other services and resources. The corporation shall also seek assistance
 from  other state agencies in the development of procurement and market-
 ing resources and training opportunities for New York  state  innovation
 hot spots and New York state incubators and their clients.
   §  4. Subdivision 8 of section 16-v of section 1 of chapter 174 of the
 laws of 1968, constituting the New York state urban  development  corpo-
 ration act, as added by section 1 of part C of chapter 59 of the laws of
 2013, is amended to read as follows:
   8.  New York state innovation hot spots may certify clients which meet
 the requirements of subdivision nine of this section as qualified  enti-
 ties  eligible  for New York state innovation hot spot program tax bene-
 fits pursuant to section thirty-eight of the tax law. [Under no  circum-
 stance  may  business  enterprises  of incubators designated as New York
 state incubators under paragraph (b) of subdivision one of this  section
 be  eligible for tax benefits under section thirty-eight of the tax law]
 BUSINESS ENTERPRISES OF INCUBATORS DESIGNED AS NEW YORK STATE INCUBATORS
 UNDER PARAGRAPH (A) OF SUBDIVISION ONE OF THIS SECTION MAY BE  CERTIFIED
 BY  THE  NEW YORK STATE INNOVATION HOT SPOT IF THE INCUBATOR HAS ENTERED
 INTO A MEMORANDA OF UNDERSTANDING WITH A HOT SPOT ESTABLISHING A PROCESS
 AND THRESHOLD OR THE HOT SPOT IS PROVIDING SERVICES OR ASSISTANCE TO THE
 BUSINESS ENTERPRISE IN ADDITION TO THOSE PROVIDED BY THE INCUBATOR.
   § 5. This act shall take effect immediately.

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Senate Bill S5307

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

2017-S5307 (ACTIVE) - Details

2017-S5307 (ACTIVE) - Summary

2017-S5307 (ACTIVE) - Sponsor Memo

2017-S5307 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5307

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Sponsored By

Martin J. Golden

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

2017-S5307 (ACTIVE) - Details

2017-S5307 (ACTIVE) - Summary

2017-S5307 (ACTIVE) - Sponsor Memo

2017-S5307 (ACTIVE) - Bill Text download pdf

Comments