senate Bill S3061

2019-2020 Legislative Session

Establishes an interstate compact prohibiting company-specific subsidies

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2019 referred to finance

Co-Sponsors

S3061 (ACTIVE) - Details

See Assembly Version of this Bill:
A5249
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§250 - 257, St Fin L

S3061 (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.

S3061 (ACTIVE) - Sponsor Memo

S3061 (ACTIVE) - Bill Text download pdf


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

                                  3061

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 1, 2019
                               ___________

Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

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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