Bill Text: NY A02243 | 2019-2020 | General Assembly | Introduced

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Bill Title: Increases the limit on the amount of funds which may be on deposit with the excelsior linked deposit program at any given time from $460 million to $525 million.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Introduced - Dead) 2020-01-08 - referred to economic development [A02243 Detail]

Download: New_York-2019-A02243-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2243
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 22, 2019
                                       ___________
        Introduced  by  M. of A. SCHIMMINGER, GALEF, MAGNARELLI, LUPARDO, JAFFEE
          -- Multi-Sponsored by -- M. of A. AUBRY, CAHILL, COLTON, GOTTFRIED  --
          read once and referred to the Committee on Economic Development
        AN  ACT  to  amend  the  state finance law, in relation to the excelsior
          linked deposit program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Section 214 of the state finance law, as amended by section
     2  1  of  part  P  of chapter 59 of the laws of 2007, is amended to read as
     3  follows:
     4    § 214. Establishment and  purpose;  linked  deposit  program  authori-
     5  zation.    The  excelsior  linked deposit program is hereby created. The
     6  purpose of the program is to encourage and  assist  eligible  businesses
     7  within  the  state  to  undertake eligible projects that will materially
     8  contribute to improving their performance and competitiveness. The comp-
     9  troller is hereby authorized to use any moneys of the  state  the  comp-
    10  troller  is  authorized  to invest pursuant to section ninety-eight-a of
    11  this chapter as linked deposits for the program. Not  more  than  [four]
    12  five hundred [sixty] twenty-five million dollars of such moneys shall be
    13  on  deposit  pursuant to the program at any given time. The commissioner
    14  of taxation and finance is hereby authorized to use funds in the  linked
    15  deposit  program  fund  established  pursuant to section ninety-two-v of
    16  this chapter as linked deposits for  the  program.  Not  more  than  one
    17  hundred million dollars from the linked deposit program fund shall be on
    18  deposit pursuant to the program at any given time.
    19    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03923-01-9