senate Bill S2176

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 04, 2020 referred to small business
delivered to assembly
passed senate
Feb 27, 2020 advanced to third reading
Feb 26, 2020 2nd report cal.
Feb 25, 2020 1st report cal.466
Jan 21, 2020 reported and committed to finance
Jan 08, 2020 referred to corporations, authorities and commissions
returned to senate
died in assembly
Jun 14, 2019 referred to small business
delivered to assembly
passed senate
ordered to third reading cal.1376
committee discharged and committed to rules
Apr 08, 2019 reported and committed to finance
Jan 23, 2019 referred to corporations, authorities and commissions

Votes

view votes

Feb 25, 2020 - Finance committee Vote

S2176
22
0
committee
22
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Jan 21, 2020 - Corporations, Authorities and Commissions committee Vote

S2176
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Jan 21, 2020

Jun 14, 2019 - Rules committee Vote

S2176
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Apr 8, 2019 - Corporations, Authorities and Commissions committee Vote

S2176
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Apr 8, 2019

Co-Sponsors

S2176 (ACTIVE) - Details

See Assembly Version of this Bill:
A10156
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
2017-2018: S6855, A2804

S2176 (ACTIVE) - Summary

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

S2176 (ACTIVE) - Sponsor Memo

S2176 (ACTIVE) - Bill Text download pdf


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

                                  2176

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 23, 2019
                               ___________

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

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

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

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