Assembly Bill A5249

2019-2020 Legislative Session

Establishes an interstate compact prohibiting company-specific subsidies

download bill text pdf

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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-A5249 (ACTIVE) - Details

See Senate Version of this Bill:
S3061
Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§250 - 257, St Fin L

2019-A5249 (ACTIVE) - Summary

Provides that no compacting state shall permit company-specific subsidies and shall not provide any company-specific subsidy to any company whose headquarters, manufacturing facilities, office space or other real estate developments are located in their state or to incentivize any company to locate their headquarters, manufacturing facilities, office space or other real estate developments in their state.

2019-A5249 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5249
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2019
                                ___________
 
 Introduced  by  M.  of A. KIM, STECK, BURKE -- read once and referred to
   the Committee on Economic Development
 
 AN ACT to amend the state finance law, in relation to creating an inter-
   state compact prohibiting company-specific subsidies
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The state finance law is amended by adding a new article 17
 to read as follows:
                                ARTICLE 17
                      INTERSTATE COMPACT PROHIBITING
                        COMPANY-SPECIFIC SUBSIDIES
 SECTION 250. SHORT TITLE; PURPOSE.
         251. DEFINITIONS.
         252. COMPACT.
         253. ESTABLISHMENT OF THE BOARD.
         254. ENTRY INTO COMPACT, WITHDRAWAL AND TERMINATION.
         255. AMENDMENTS TO THE COMPACT.
         256. CONSTRUCTION AND SEVERABILITY.
         257. ADMINISTRATION; EXPENSES.
   §  250.  SHORT  TITLE; PURPOSE. THIS ARTICLE SHALL BE KNOWN AND MAY BE
 CITED AS THE "INTERSTATE COMPACT PROHIBITING COMPANY-SPECIFIC SUBSIDES".
 THE PURPOSE OF THIS COMPACT IS, THROUGH MEANS OF JOINT  AND  COOPERATIVE
 ACTION AMONG THE COMPACTING STATES, TO ELIMINATE COMPANY-SPECIFIC SUBSI-
 DIES.
   § 251. DEFINITIONS. AS USED IN THIS COMPACT, UNLESS THE CONTEXT CLEAR-
 LY  INDICATES  OTHERWISE,  THE  FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   1. "COMPANY-SPECIFIC SUBSIDY" SHALL MEAN COMPANY-SPECIFIC  TAX  INCEN-
 TIVES  INCLUDING ANY CHANGE IN THE GENERAL TAX RATE OR VALUATION OFFERED
 OR PRESENTED BY THE STATE TO A SPECIFIC COMPANY THAT IS NOT AVAILABLE TO
 OTHER SIMILARLY SITUATED COMPANIES AND COMPANY-SPECIFIC GRANTS INCLUDING

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

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