|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 04, 2021||reported and committed to finance|
|Feb 26, 2021||referred to corporations, authorities and commissions|
senate Bill S5227
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5227 (ACTIVE) - Details
S5227 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5227 SPONSOR: PARKER TITLE OF BILL: An act to amend the New York state urban development corporation act, in relation to enacting the HIRE NY act PURPOSE: To provide zero interest loans to businesses with less than 5 employees to hire New York residents. To grow small businesses and get New Yorkers hired. SUMMARY OF PROVISIONS: Section 1 titles this act as the "the hire individuals in the real econ- omy New York Act." Or the "HIRE NY Act." Section 2 of this bill amends section 1 of chapter 174 of the laws of 1968, constituting the New York State urban development corporation act
S5227 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5227 2021-2022 Regular Sessions I N S E N A T E February 26, 2021 ___________ Introduced by Sens. PARKER, COMRIE, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Corpo- rations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act, in relation to enacting the HIRE NY act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "hire indi- viduals in the real economy New York (HIRE NY) act". § 2. Section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new section 16-bb to read as follows: § 16-BB. THE HIRE NEW YORK PROGRAM. 1. LEGISLATIVE INTENT. THE LEGIS- LATURE HEREBY FINDS THAT MICRO-BUSINESSES ARE THE ENGINES OF OUR ECONOMY AND ARE VITAL TO THE REVITALIZATION OF COMMUNITIES AND NEIGHBORHOODS THROUGHOUT THE STATE. THE LEGISLATURE FURTHER FINDS THAT CURRENT LAW FAILS TO MOTIVATE PEOPLE TO START OR EXPAND BUSINESSES. THE LEGISLATURE FINDS THAT IT IS IMPORTANT TO SPUR START-UP MICRO-BUSINESSES THAT HAVE THE POTENTIAL TO BECOME THE JOB ENGINES FOR TOMORROW'S ECONOMY. THE LEGISLATURE FURTHER FINDS INVESTMENTS IN ECONOMIC DEVELOPMENT FAIL TO PROVIDE ANY FUNDING TO MICRO-BUSINESSES. THE LEGISLATURE FURTHER FINDS THAT SMALL MICRO-BUSINESSES WITH THE PROPER INCENTIVES ARE POISED TO PROVIDE SIGNIFICANT LOCAL JOB CREATION ACROSS THE STATE. THE LEGISLATURE FURTHER FINDS THAT TAX CREDITS ARE NOT AN EFFECTIVE JOB CREATION INCEN- TIVE FOR MICRO-BUSINESSES BECAUSE MANY OF THESE BUSINESSES LACK THE INCOME THAT MAKES A TAX CREDIT MEANINGFUL. THE LEGISLATURE FURTHER FINDS THAT CREATION OF A STATEWIDE HIRE NEW YORK FUND WILL PROVIDE THE NEEDED CAPITAL FOR THE BUSINESSES OF TOMORROW TO GROW AND EMPLOY MORE NEW YORK- ERS. 2. DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE MEANINGS INDICATED: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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