Senate Bill S458

2023-2024 Legislative Session

Relates to defining community significant projects and including such projects in the excelsior jobs program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S458 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Amd §§352, 353 & 355, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2019-2020: S9079
2021-2022: S2232

2023-S458 (ACTIVE) - Summary

Defines community significant projects as a business creating or retaining current jobs as determined by the commissioner, with particular emphasis on employment and/or training of current public housing residents; currently located or to be located in existing leased space of a building in a public housing development in the state; and which makes significant qualified capital investments to start a business, or improve services and working conditions for an existing business, when located in such public housing space and including such projects in the excelsior jobs program.

2023-S458 (ACTIVE) - Sponsor Memo

2023-S458 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    458
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed  to be committed to the Committee on Commerce, Economic Devel-
   opment and Small Business
 
 AN ACT to amend the economic development law, in  relation  to  defining
   community  significant  projects  and  including  such projects in the
   excelsior jobs program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivisions  17  and 20-a of section 352 of the economic
 development law, subdivision 17 as amended by section 1 of  part  K  and
 subdivision  20-a as added by section 1 of part ZZ of chapter  59 of the
 laws of 2017, are amended and a new subdivision 18-a is added to read as
 follows:
   17. "Qualified investment" means an investment  in  tangible  property
 (including  a building or a structural component of a building) owned by
 a business enterprise which:
   (a) is depreciable pursuant to section one hundred sixty-seven of  the
 internal revenue code;
   (b) has a useful life of four years or more;
   (c)  is  acquired by purchase as defined in section one hundred seven-
 ty-nine (d) of the internal revenue code;
   (d) has a situs in this state; [and]
   (e) is placed in service in the state on or after the date the certif-
 icate of eligibility is issued to the business enterprise; AND
   (F) DEMOLITION AND REMEDIATION OF  COSTS  INCURRED  AND  PAID  IN  THE
 LEASED  BUILDING BY THE BUSINESS ENTERPRISE IN A PUBLIC HOUSING DEVELOP-
 MENT IN THE STATE, AS DETERMINED BY THE COMMISSIONER.
   18-A. "COMMUNITY SIGNIFICANT PROJECT" MEANS (A) A BUSINESS CREATING OR
 RETAINING CURRENT JOBS AS DETERMINED BY THE COMMISSIONER,  WITH  PARTIC-
 ULAR  EMPHASIS  ON  EMPLOYMENT AND/OR TRAINING OF CURRENT PUBLIC HOUSING
 RESIDENTS; (B) CURRENTLY LOCATED OR TO BE  LOCATED  IN  EXISTING  LEASED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00004-01-3
              

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