Building upon its efforts to combat the unemployment crisis through innovative job creation and retention initiatives, the State Senate Majority passed legislation to create a permanent “Economic Benefit Power Program” to streamline and build on the success of ‘Power for Jobs’ and other successful low cost power for economic development programs.
The new program (S7573A/Aubertine) will protect more than 250,000 jobs statewide. As part of this program, qualifying businesses around the state will be offered seven-year agreements for low-cost energy providing them the financial stability to attract and maintain long-term employment commitments.
Previously, the Legislature would enact an annual approval leaving employers in limbo and undermining the ability of the state to use this highly successful program to attract new businesses to New York.
This bill is one of several pieces of legislation enacted or moving through the legislative process as a result of the Majority’s Powering New York’s Future initiative: statewide discussions with businesses and other stakeholders used to determine actions the Legislature could undertake to make New York a more business-friendly state.
Senator Andrea Stewart-Cousins (D/WF-Westchester) said, "Extension of the Power for Jobs and Energy Cost Savings Benefit Programs will achieve a permanent and sustainable positive impact on our State's economy. The models for moving our State forward need to explore alternative methods of job creation and environmental conservation. This legislation will not only benefit small businesses and create jobs, it will also enhance the growth of a green economy for our future. I am grateful for Senator Aubertine's leadership on this issue, and I look forward to this legislation becoming law.”
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