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Senate Bill S4240

2025-2026 Legislative Session

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

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Sponsored By

Current Bill Status - In Senate Committee Rules Committee

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2025-S4240 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Economic Development Law
Laws Affected:
Amd §100, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3307
2011-2012: S1893
2013-2014: S952
2015-2016: S555
2017-2018: S3628
2019-2020: S4612
2021-2022: S5021
2023-2024: S6198

2025-S4240 (ACTIVE) - Summary

Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; requires repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

2025-S4240 (ACTIVE) - Sponsor Memo

2025-S4240 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4240
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2025
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 including
   among the commissioner's duties a mandate to include in  all  economic
   development  subsidy  agreements  provisions  allowing  the  state  to
   recover previously issued awards from fund recipients in the event  of
   relocation outside the state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 19 of section 100 of the  economic  development
 law is amended by adding a new paragraph (c) to read as follows:
   (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
 DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
 FER  MONEY  OF  THE STATE TO A RECIPIENT THROUGH AN ECONOMIC DEVELOPMENT
 PROGRAM OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE  BY
 A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
 OUTSIDE  THE  STATE  WITHIN  FIVE  YEARS FROM THE DATE OF RECEIVING SUCH
 AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
 TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07906-01-5

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