senate Bill S8960

2019-2020 Legislative Session

Requires the return of certain financial assistance provided for a project where the project has material shortfalls or material violations and preventing the use of incentives for projects already in development

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Sponsored By

Current Bill Status - In Senate Committee Rules 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
Sep 02, 2020 referred to rules

S8960 (ACTIVE) - Details

See Assembly Version of this Bill:
A11003
Current Committee:
Senate Rules
Law Section:
General Municipal Law
Laws Affected:
Amd §§874, 854, 862 & 859-a, Gen Muni L

S8960 (ACTIVE) - Summary

Requires the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations and prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.

S8960 (ACTIVE) - Sponsor Memo

S8960 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8960
 
                             I N  S E N A T E
 
                             September 2, 2020
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the general municipal law, in relation to requiring  the
   return  of  all  or  a part of the financial assistance provided for a
   project  where  the  project  has  material  shortfalls  or   material
   violations  and  preventing  the  use  of funds, financial incentives,
   subsidies or tax exemptions for projects already in development
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 11 of section 874 of the general municipal law,
 as added by chapter 563 of the laws of 2015, is amended and a new subdi-
 vision 13 is added to read as follows:
   (11)  Each  agency  shall  develop policies for the return of all or a
 part of the financial assistance provided for the project, including all
 or part of the amount of any tax exemptions, as specified in the policy,
 which may include but shall not be limited to material shortfalls in job
 creation and retention projections or material violations of  the  terms
 and  conditions  of  project agreements. THE AGENCY SHALL IMPLEMENT SUCH
 POLICIES CREATED IN ACCORDANCE WITH THIS SUBDIVISION TO  RETURN  ALL  OR
 PART  OF  THE  FINANCIAL  ASSISTANCE  PROVIDED FOR ANY PROJECT WHERE THE
 AGENCY'S ANNUAL ASSESSMENT OF A PROJECT SHOWS MATERIAL SHORTFALLS IN JOB
 CREATION AND RETENTION PROJECTIONS OR MATERIAL VIOLATIONS OF  THE  TERMS
 AND  CONDITIONS  OF PROJECT AGREEMENTS.  IF SUCH MATERIAL SHORTFALLS ARE
 THE DIRECT RESULT OF FACTORS BEYOND THE  AGENCY'S  CONTROL,  THE  AGENCY
 MUST  NOTIFY THE AUTHORITY'S BUDGET OFFICE IN WRITING OF THE WAIVER WITH
 A COMPREHENSIVE EXPLANATION. All such returned amounts of tax exemptions
 shall be redistributed to the  appropriate  affected  tax  jurisdiction,
 unless agreed to otherwise by any local taxing jurisdiction.
   (13)  EXCEPT WHERE ENVIRONMENTAL CONTAMINATION REQUIRING A SIGNIFICANT
 INCREASE IN PROJECT COSTS IS DISCOVERED DURING THE  DEVELOPMENT  OF  THE
 PROJECT  OR  WHERE  A  MUNICIPALITY  HAS  REASSESSED  ALL OR PART OF THE
 PROJECT SITE RESULTING IN AN INCREASE IN PROPERTY  TAXES  OF  MORE  THAN
 FIFTY  PERCENT, NO TAX EXEMPTIONS SHALL BE GRANTED TO ANY PROJECT IF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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