senate Bill S7961

Signed By Governor
2017-2018 Legislative Session

Relates to the New York state business incubator and innovation hot spot support act

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A10105 - Signed by Governor


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 24, 2018 signed chap.246
Aug 13, 2018 delivered to governor
Jun 19, 2018 returned to assembly
passed senate
3rd reading cal.1253
substituted for s7961
Jun 19, 2018 substituted by a10105
May 22, 2018 advanced to third reading
May 16, 2018 2nd report cal.
May 15, 2018 1st report cal.1253
Mar 13, 2018 referred to corporations, authorities and commissions

Votes

view votes

May 15, 2018 - Corporations, Authorities and Commissions committee Vote

S7961
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: May 15, 2018

aye wr (1)

Co-Sponsors

S7961 (ACTIVE) - Details

See Assembly Version of this Bill:
A10105
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-v, UDC Act

S7961 (ACTIVE) - Summary

Relates to the New York state business incubator and innovation hot spot support act.

S7961 (ACTIVE) - Sponsor Memo

S7961 (ACTIVE) - Bill Text download pdf


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

                                  7961

                            I N  S E N A T E

                             March 13, 2018
                               ___________

Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel-
  opment)  --  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 urban development corporation act, in relation to
  the New York state business incubator and innovation hot spot  support
  act

  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  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 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.  IN NO CASE  SHALL  AN
INCUBATOR  SPONSOR AGREE TO PROVIDE LESS THAN EIGHTY-FIVE PERCENT OF ALL
FUNDS RECEIVED PURSUANT TO THIS SUBDIVISION TO  THE  OPERATIONS  OF  THE
INCUBATOR WITHOUT EXCEPTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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