assembly Bill A8444

2019-2020 Legislative Session

Enacts the unified economic development budget act

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to economic development
Jul 08, 2019 referred to economic development

A8444 (ACTIVE) - Details

See Senate Version of this Bill:
S3364
Law Section:
Business Corporation Law
Laws Affected:
Add Art 14 §§1401 - 1404, BC L
Versions Introduced in Other Legislative Sessions:
2011-2012: S2854
2013-2014: S3446
2015-2016: S2669
2017-2018: S3354
2021-2022: A6240, S1275

A8444 (ACTIVE) - Summary

Enacts the unified economic development budget act.

A8444 (ACTIVE) - Bill Text download pdf


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

                                  8444

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              July 8, 2019
                               ___________

Introduced by M. of A. BUCHWALD -- read once and referred to the Commit-
  tee on Economic Development

AN  ACT  to  amend the business corporation law, in relation to enacting
  the unified economic development budget act

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "unified economic development budget act".
  § 2. The business corporation law is amended by adding a  new  article
14 to read as follows:
                               ARTICLE 14
                   UNIFIED ECONOMIC DEVELOPMENT BUDGET
SECTION 1401. DEFINITIONS.
        1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
        1403. STANDARDIZED  APPLICATIONS  FOR  STATE DEVELOPMENT ASSIST-
                ANCE.
        1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
§ 1401. DEFINITIONS.
  AS USED IN THIS ARTICLE:
  (A) "ANNUAL TAX EXPENDITURE REPORT"  IS  AS  DEFINED  BY  SECTION  ONE
HUNDRED EIGHTY-ONE OF THE EXECUTIVE LAW.
  (B) "BASE YEARS" MEANS THE FIRST TWO COMPLETE CALENDAR YEARS FOLLOWING
THE EFFECTIVE DATE OF A RECIPIENT RECEIVING DEVELOPMENT ASSISTANCE.
  (C) "DATE OF ASSISTANCE" MEANS THE COMMENCEMENT DATE OF THE ASSISTANCE
AGREEMENT,  WHICH DATE TRIGGERS THE PERIOD DURING WHICH THE RECIPIENT IS
OBLIGATED TO CREATE OR  RETAIN  JOBS  AND  CONTINUE  OPERATIONS  AT  THE
SPECIFIC PROJECT SITE.
  (D)  "DEVELOPMENT  ASSISTANCE" MEANS: (1) TAX EXPENDITURES GIVEN AS AN
INCENTIVE TO  RECIPIENT  BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS  AND
GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06536-01-9