senate Bill S1275

2021-2022 Legislative Session

Enacts the unified economic development budget act

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
Jan 08, 2021 referred to corporations, authorities and commissions

Co-Sponsors

S1275 (ACTIVE) - Details

See Assembly Version of this Bill:
A6240
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add Art 14 §§1401 - 1404, BC L
Versions Introduced in Other Legislative Sessions:
2011-2012: S2854
2013-2014: S3446
2015-2016: S2669
2017-2018: S3354
2019-2020: S3364, A8444

S1275 (ACTIVE) - Summary

Enacts the unified economic development budget act.

S1275 (ACTIVE) - Sponsor Memo

S1275 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1275
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2021
                                ___________
 
 Introduced by Sens. KRUEGER, BIAGGI, GOUNARDES, LIU, SERRANO, SKOUFIS --
   read  twice  and  ordered printed, and when printed to be committed to
   the Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the business corporation law, in  relation  to  enacting
   the unified economic development budget act

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "unified economic development budget act".
   §  2.  The business corporation law is amended by adding a new article
 14 to read as follows:
                                ARTICLE 14
                    UNIFIED ECONOMIC DEVELOPMENT BUDGET
 SECTION 1401. DEFINITIONS.
         1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
         1403. STANDARDIZED APPLICATIONS FOR  STATE  DEVELOPMENT  ASSIST-
                 ANCE.
         1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
 § 1401. DEFINITIONS.
   AS USED IN THIS ARTICLE:
   (A)  "ANNUAL  TAX  EXPENDITURE  REPORT"  IS  AS DEFINED BY SECTION ONE
 HUNDRED EIGHTY-ONE OF THE EXECUTIVE LAW.
   (B) "BASE YEARS" MEANS THE FIRST TWO COMPLETE CALENDAR YEARS FOLLOWING
 THE EFFECTIVE DATE OF A RECIPIENT RECEIVING DEVELOPMENT ASSISTANCE.
   (C) "DATE OF ASSISTANCE" MEANS THE COMMENCEMENT DATE OF THE ASSISTANCE
 AGREEMENT, WHICH DATE TRIGGERS THE PERIOD DURING WHICH THE RECIPIENT  IS
 OBLIGATED  TO  CREATE  OR  RETAIN  JOBS  AND  CONTINUE OPERATIONS AT THE
 SPECIFIC PROJECT SITE.
   (D) "DEVELOPMENT ASSISTANCE" MEANS: (1) TAX EXPENDITURES GIVEN  AS  AN
 INCENTIVE  TO  RECIPIENT  BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS AND
 GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES;

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

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