S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4075
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 31, 2025
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Economic Development
 
 AN ACT to amend the public authorities law and the economic  development
   law, in relation to expanding employee ownership assistance for lesbi-
   an, gay, bisexual, transgender and non-binary individuals

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1836-a of the public authorities law, as  added  by
 chapter 788 of the laws of 1983, is amended to read as follows:
   §  1836-a.  Legislative  findings.  The  legislature  hereby finds and
 declares that the health, safety and general welfare of  the  people  of
 this  state  are directly dependent upon the state economy, and that one
 of the principal problems of our present economy is the permanent  clos-
 ing  of industrial and manufacturing plants, and their relocation out of
 state, which results in the loss of jobs and increasing unemployment.
   It is the purpose of this subtitle to  encourage  [the]  employees  of
 plants that are about to be permanently closed, or relocated, to acquire
 such  plants AND BUSINESSES and to continue to operate them as employee-
 owned enterprises, thereby retaining the jobs that  would  otherwise  be
 lost, and strengthening the economic base of this state.
   §  2.   Paragraph (b) of subdivision 1 of section 1836-c of the public
 authorities law, as added by chapter 788 of the laws of 1983, is amended
 to read as follows:
   (b) the history and circumstances of  the  plant  OR  BUSINESS  to  be
 acquired;
   § 3. Section 1836-d of the public authorities law, as added by chapter
 788 of the laws of 1983, is amended to read as follows:
   §  1836-d. Loan preferences. In approving applications for loans under
 this subtitle, the authority shall give preference to projects which:
   1. HAVE A MEMBERSHIP CONSISTING OF A MAJORITY  OF  MINORITY,  LESBIAN,
 GAY, BISEXUAL, TRANSGENDER, OR NON-BINARY MEMBERS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02330-01-5
              

 A. 4075                             2
 
   2. have a higher level of funding from the funding partners;
   [2.]  3. have the most direct impact on local economic development and
 the creation or retention of employment opportunities;
   [3.] 4. are most likely to stimulate other private sector investments;
 and
   [4.] 5. are least  speculative,  and  provide  greatest  assurance  of
 repayment of the loan.
   §  4.  Subdivision 7 of section 104-a of the economic development law,
 as added by chapter 788 of the laws of  1983,  is  amended  to  read  as
 follows:
   7.  Identify  [industrial  and  manufacturing]  businesses that are in
 danger of being permanently closed or  relocated  out  of  state,  which
 results  in the loss of jobs and increasing unemployment, and assist the
 businesses and employees of such businesses by distributing  information
 about the provisions of this section.
   §  5.  Subdivisions 3 and 4 of section 210 of the economic development
 law, as amended by chapter 669 of the laws of 2022, are amended to  read
 as follows:
   3.  "Minority  business enterprise" shall mean any business enterprise
 which is at least fifty-one per centum owned by, or in  the  case  of  a
 publicly  owned  business  at least fifty-one per centum of the stock of
 which is owned by, citizens or permanent resident  noncitizens  who  are
 LESBIAN,  GAY,  BISEXUAL,  TRANSGENDER  OR  NON-BINARY, Black, Hispanic,
 Asian or American Indian, Pacific Islander or Alaskan Native where  such
 ownership  interest  is  real, substantial and continuing and where such
 persons have the authority to independently control the day-to-day busi-
 ness decisions of the entity.
   4. "Minority group member" shall  mean  a  United  States  citizen  or
 permanent  resident  noncitizen who is and can demonstrate membership in
 one of the following groups:
   (a) Black persons having origins in any of the  Black  African  racial
 groups not of Hispanic origin;
   (b)  Hispanic  persons  of  Mexican,  Puerto  Rican, Dominican, Cuban,
 Central or South American descent of either Indian or  Hispanic  origin,
 regardless of race;
   (c) Asian and Pacific Islander persons having origins in the Far East,
 Southeast Asia, the Indian sub-continent or the Pacific Islands; or
   (d) American Indian or Alaskan Native persons having origins in any of
 the original peoples of North America; OR
   (E) LESBIAN, GAY, BISEXUAL, TRANSGENDER OR NON-BINARY.
   § 6. This act shall take effect immediately.