senate Bill S6855A

Vetoed By Governor
2017-2018 Legislative Session

Relates to the creation of micro-business worker cooperatives upon transfer of ownership

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Archive: Last Bill Status Via A2804 - Vetoed by Governor


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 07, 2018 tabled
vetoed memo.274
Nov 26, 2018 delivered to governor
Jun 18, 2018 returned to assembly
passed senate
3rd reading cal.1849
substituted for s6855a
Jun 18, 2018 substituted by a2804a
ordered to third reading cal.1849
committee discharged and committed to rules
Jun 13, 2018 print number 6855a
Jun 13, 2018 amend and recommit to corporations, authorities and commissions
Jan 03, 2018 referred to corporations, authorities and commissions
Aug 21, 2017 referred to rules

S6855 (ACTIVE) - Details

See Assembly Version of this Bill:
A2804
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act; amd §104-a, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10099
2019-2020: S2176

S6855 (ACTIVE) - Summary

Relates to the creation of micro-business worker cooperatives upon transfer of ownership.

S6855 (ACTIVE) - Sponsor Memo

S6855 (ACTIVE) - Bill Text download pdf


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

                                  6855

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             August 21, 2017
                               ___________

Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the New York state urban development corporation act and
  the economic development law, in relation to the creation of micro-bu-
  siness worker cooperatives upon transfer of ownership

  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) ASSISTANCE TO ELIGIBLE ENTITIES PURSUANT TO ARTICLE FIVE-A OF  THE
COOPERATIVE  CORPORATIONS LAW TO PROVIDE FINANCING IN THE FORM OF LOANS,
LOAN GUARANTEES, AND INTEREST SUBSIDY GRANTS  TO  SUBSIDIZE  LOANS  FROM
FEDERALLY  CHARTERED  INSTRUMENTALITIES  AND  STATE  AND PRIVATE LENDING
INSTITUTIONS TO FACILITATE THE  CREATION  OF  WORKER  COOPERATIVES  THAT
PROMOTE  CONTINUATION OF EXISTING MICRO-BUSINESSES EITHER AS A PART OF A
PREEXISTING BUSINESS SUCCESSION OF  OWNERSHIP  PLAN  OR  AS  ALTERNATIVE
OPTION  IF  A  BUSINESS  IS  BEING  OFFERED  FOR SALE OR TRANSFER BY THE
CURRENT OWNER OR THE HEIRS OR  ESTATE  OF  A  DECEASED  OWNER.  FOR  THE
PURPOSES  OF  THIS SECTION, A MICRO-BUSINESS SHALL BE DEFINED AS A BUSI-
NESS WITH FIVE OR LESS FULL-TIME OR FULL-TIME EQUIVALENT EMPLOYEES.  ALL
ELIGIBLE ENTITIES SHALL BE REQUIRED TO SUBMIT A BUSINESS PLAN WITH THEIR
APPLICATION REQUESTING ASSISTANCE.
  §  2.  The opening paragraph of section 104-a of the economic develop-
ment law, as added by chapter 788 of the laws of  1983,  is  amended  to
read as follows:
  With  respect  to  employee ownership assistance loans provided for in
subtitle six of title eight of article eight of the  public  authorities
law AND PARAGRAPH (O) OF SUBDIVISION ONE OF SECTION SIXTEEN-M OF SECTION
ONE  OF CHAPTER ONE HUNDRED SEVENTY-FOUR OF THE LAWS OF NINETEEN HUNDRED

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

S6855A (ACTIVE) - Details

See Assembly Version of this Bill:
A2804
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-m, UDC Act; amd §104-a, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10099
2019-2020: S2176

S6855A (ACTIVE) - Summary

Relates to the creation of micro-business worker cooperatives upon transfer of ownership.

S6855A (ACTIVE) - Sponsor Memo

S6855A (ACTIVE) - Bill Text download pdf


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

                                 6855--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             August 21, 2017
                               ___________

Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules  --  recommitted  to
  the  Committee on Corporations, Authorities and Commissions in accord-
  ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the New York state urban development corporation act and
  the economic development law, in relation to the creation of micro-bu-
  siness worker cooperatives upon transfer of ownership

  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) ASSISTANCE TO ELIGIBLE ENTITIES PURSUANT TO ARTICLE FIVE-A OF  THE
COOPERATIVE  CORPORATIONS LAW TO PROVIDE FINANCING IN THE FORM OF LOANS,
LOAN GUARANTEES, AND INTEREST SUBSIDY GRANTS  TO  SUBSIDIZE  LOANS  FROM
FEDERALLY  CHARTERED  INSTRUMENTALITIES  AND  STATE  AND PRIVATE LENDING
INSTITUTIONS TO FACILITATE THE  CREATION  OF  WORKER  COOPERATIVES  THAT
PROMOTE  CONTINUATION OF EXISTING MICRO-BUSINESSES EITHER AS A PART OF A
PREEXISTING BUSINESS SUCCESSION OF  OWNERSHIP  PLAN  OR  AS  ALTERNATIVE
OPTION  IF  A  BUSINESS  IS  BEING  OFFERED  FOR SALE OR TRANSFER BY THE
CURRENT OWNER OR THE HEIRS OR  ESTATE  OF  A  DECEASED  OWNER.  FOR  THE
PURPOSES  OF  THIS SECTION, A MICRO-BUSINESS SHALL BE DEFINED AS A BUSI-
NESS WITH FIVE OR LESS FULL-TIME OR FULL-TIME EQUIVALENT EMPLOYEES.  ALL
ELIGIBLE ENTITIES SHALL BE REQUIRED TO SUBMIT A BUSINESS PLAN WITH THEIR
APPLICATION REQUESTING ASSISTANCE.
  §  2.  The opening paragraph of section 104-a of the economic develop-
ment law, as added by chapter 788 of the laws of  1983,  is  amended  to
read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08416-09-8

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