|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 01, 2019||referred to finance|
senate Bill S3061
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3061 (ACTIVE) - Details
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
BILL NUMBER: S3061 SPONSOR: SALAZAR TITLE OF BILL: An act to amend the state finance law, in relation to creating an inter- state compact prohibiting company-specific subsidies PURPOSE OR GENERAL IDEA OF THE BILL: This bill aims to create a mechanism for collaboration by a collection of states joining into a compact focused on enacting an inter-state compact to eliminating and prohibiting company-specific corporate welfare. SUMMARY OF SPECIFIC PROVISIONS: Section 1: The state finance law is amended by adding a new article 17 which creates the Interstate Compact Prohibiting Company-Specific Subsi- dies. This section provides technical definitions, provides the mission and operations of the compact, sets forth the composition of the member-
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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