|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 02, 2020||referred to rules|
senate Bill S8960
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8960 (ACTIVE) - Details
S8960 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8960 SPONSOR: SKOUFIS TITLE OF BILL: 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 PURPOSE: This bill will require that industrial development agencies (IDAs) implement policies for the return of financial assistance or tax incen- tives provided to a project that is determined to show material short- falls in job creation and retention or material violations of the project agreement. It also prohibits IDAs from offering financial assistance to projects that are already in development at the time of an application. Additionally, this bill requires the standard financial assistance application used by IDAs to require the disclosure of offers of financial assistance from out of state economic development corpo-
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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