Assembly Bill A2243

2019-2020 Legislative Session

Relates to increasing the limit of the amount of money which may be on deposit with the excelsior linked deposit program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2019-A2243 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Amd §214, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2850
2011-2012: A3139
2013-2014: A3054
2015-2016: A7066
2017-2018: A2193

2019-A2243 (ACTIVE) - Summary

Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

2019-A2243 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2243
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2019
                                ___________
 
 Introduced  by  M. of A. SCHIMMINGER, GALEF, MAGNARELLI, LUPARDO, JAFFEE
   -- Multi-Sponsored by -- M. of A. AUBRY, CAHILL, COLTON, GOTTFRIED  --
   read once and referred to the Committee on Economic Development
 
 AN  ACT  to  amend  the  state finance law, in relation to the excelsior
   linked deposit program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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]
 FIVE hundred [sixty] TWENTY-FIVE million dollars of such moneys shall be
 on  deposit  pursuant to the program at any given time. The commissioner
 of taxation and finance is hereby authorized to use funds in the  linked
 deposit  program  fund  established  pursuant to section ninety-two-v of
 this chapter as linked deposits for  the  program.  Not  more  than  one
 hundred million dollars from the linked deposit program fund shall be on
 deposit pursuant to the program at any given time.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03923-01-9

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