Bill Text: NY A00650 | 2025-2026 | General Assembly | Introduced

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Bill Title: Prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2025-01-08 - referred to local governments [A00650 Detail]

Download: New_York-2025-A00650-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           650

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced  by  M.  of  A. KIM, FORREST -- read once and referred to the
          Committee on Local Governments

        AN ACT to amend the general municipal law, in relation to preventing the
          use of funds, financial incentives, subsidies or  tax  exemptions  for
          projects already in development

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 854 of the general  municipal  law  is  amended  by
     2  adding a new subdivision 22 to read as follows:
     3    (22)  "In  development"  -  shall  mean  a  project  for  which active
     4  construction, including but not limited to  site  clearing,  excavation,
     5  erection of building foundations or structure, has already commenced.
     6    §  2.  Section 862 of the general municipal law is amended by adding a
     7  new subdivision 3 to read as follows:
     8    (3) Except where environmental contamination requiring  a  significant
     9  increase  in  project  costs is discovered during the development of the
    10  project, no funds, financial incentives or subsidies of the agency shall
    11  be used in respect of any project which is already in development at the
    12  time such project applies for such funds, financial  assistance,  incen-
    13  tives or subsidies.
    14    §  3.  Section 874 of the general municipal law is amended by adding a
    15  new subdivision 13 to read as follows:
    16    (13) Except where environmental contamination requiring a  significant
    17  increase  in  project  costs is discovered during the development of the
    18  project, no tax exemptions shall  be  granted  to  any  project  if  the
    19  project  is  already in development at the time such project applies for
    20  the issuance of the tax exemption.
    21    § 4. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00231-01-5