senate Bill S5227

2021-2022 Legislative Session

Enacts the HIRE NY act to provide loans through the urban development corporation for hiring by micro-businesses

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2021 reported and committed to finance
Feb 26, 2021 referred to corporations, authorities and commissions

Votes

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May 4, 2021 - Corporations, Authorities and Commissions committee Vote

S5227
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: May 4, 2021

Co-Sponsors

S5227 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §16-bb, UDC Act
Versions Introduced in Other Legislative Sessions:
2013-2014: S5997
2015-2016: S2565
2017-2018: S2870
2019-2020: S4966

S5227 (ACTIVE) - Summary

Enacts the HIRE NY act to provide zero interest loans through the urban development corporation for hiring by micro-businesses with fewer than five employees.

S5227 (ACTIVE) - Sponsor Memo

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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