Bill Text: NY A02804 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to the creation of micro-business worker cooperatives upon transfer of ownership.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Vetoed) 2018-12-07 - tabled [A02804 Detail]
Download: New_York-2017-A02804-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2804--A Cal. No. 223 2017-2018 Regular Sessions IN ASSEMBLY January 23, 2017 ___________ Introduced by M. of A. THIELE -- read once and referred to the Committee on Small Business -- advanced to a third reading, passed by Assembly and delivered to the Senate, recalled from the Senate, vote reconsid- ered, bill amended, ordered reprinted, retaining its place on the order of third reading AN ACT to amend the New York state urban development corporation act and the economic development law, in relation to the creation of micro-bu- siness worker cooperatives upon transfer of ownership The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 16-m of section 1 of chapter 174 2 of the laws of 1968, constituting the New York state urban development 3 corporation act, is amended by adding a new paragraph (o) to read as 4 follows: 5 (o) Assistance to eligible entities pursuant to article five-a of the 6 cooperative corporations law to provide financing in the form of loans, 7 loan guarantees, and interest subsidy grants to subsidize loans from 8 federally chartered instrumentalities and state and private lending 9 institutions to facilitate the creation of worker cooperatives that 10 promote continuation of existing micro-businesses either as a part of a 11 preexisting business succession of ownership plan or as alternative 12 option if a business is being offered for sale or transfer by the 13 current owner or the heirs or estate of a deceased owner. For the 14 purposes of this section, a micro-business shall be defined as a busi- 15 ness with five or less full-time or full-time equivalent employees. All 16 eligible entities shall be required to submit a business plan with their 17 application requesting assistance. 18 § 2. The opening paragraph of section 104-a of the economic develop- 19 ment law, as added by chapter 788 of the laws of 1983, is amended to 20 read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08416-08-8A. 2804--A 2 1 With respect to employee ownership assistance loans provided for in 2 subtitle six of title eight of article eight of the public authorities 3 law and paragraph (o) of subdivision one of section sixteen-m of section 4 one of chapter one hundred seventy-four of the laws of nineteen hundred 5 sixty-eight, constituting the New York state urban development corpo- 6 ration act, the department shall have the power and duty and in cooper- 7 ation with the job development authority, the empire state development 8 corporation and any other applicable state agency or office to: 9 § 3. This act shall take effect immediately, provided, however, that 10 the amendments to section 16-m of the urban development corporation act 11 made by section one of this act shall not affect the expiration of such 12 section and shall be deemed to expire therewith.
