Bill Text: NY A11546 | 2009-2010 | General Assembly | Introduced
Bill Title: Relates to the powers and duties of the dormitory authority and equipment loans for intellectual property.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2010-08-30 - signed chap.452 [A11546 Detail]
Download: New_York-2009-A11546-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 11546 I N A S S E M B L Y June 23, 2010 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gantt) -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to the powers and duties of the dormitory authority; and to amend the New York state medical care facilities finance agency act, in relation to equipment loans for intellectual property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subdivision 2 of section 1676 of the public authorities law 2 is amended by adding a new paragraph (h) to read as follows: 3 (H) IT SHALL ALSO INCLUDE EQUIPMENT, INTELLECTUAL PROPERTY OR OTHER 4 INTANGIBLE PROPERTY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE, 5 ELIGIBLE FOR TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL 6 REVENUE CODE. 7 S 2. Subdivision 18 of section 3 of section 1 of chapter 392 of the 8 laws of 1973, constituting the New York state medical care facilities 9 finance agency act, as amended by chapter 363 of the laws of 1998, and 10 the second undesignated paragraph as separately amended by section 11 of 11 part D of chapter 389 of the laws of 1997, is amended to read as 12 follows: 13 18. "Equipment loan" shall mean a loan made by the agency to a non- 14 profit hospital corporation, a county hospital, a municipal hospital, a 15 New York state department of health facility, a state university of New 16 York health care facility or a non-profit corporation providing a resi- 17 dential health care facility, for the purpose of financing or refinanc- 18 ing the acquisition through purchase or lease of equipment, including 19 construction and rehabilitation related to the installation of such 20 equipment, AND SHALL ALSO INCLUDE INTELLECTUAL PROPERTY OR OTHER INTAN- 21 GIBLE PROPERTY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE, THAT IS 22 ELIGIBLE FOR TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL 23 REVENUE CODE. 24 The term "equipment loan" shall also mean the financing of equipment 25 acquisitions by the purchase, lease or sublease of equipment by the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD17864-01-0 A. 11546 2 1 agency and the lease or sublease of such equipment to a non-profit 2 hospital corporation, a county hospital, a municipal hospital, a hospi- 3 tal under the jurisdiction of the state university of New York, or a 4 non-profit corporation providing a residential health care facility for 5 the purpose of providing for the acquisition of such equipment and for 6 the construction and rehabilitation related to the installation thereof 7 AND SHALL ALSO INCLUDE INTELLECTUAL PROPERTY OR OTHER INTANGIBLE PROPER- 8 TY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE, THAT IS ELIGIBLE FOR 9 TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL REVENUE CODE. 10 S 3. Subdivision 1 of section 5-b of section 1 of chapter 392 of the 11 laws of 1973, constituting the New York state medical care facilities 12 finance agency act, as amended by chapter 363 of the laws of 1998, is 13 amended to read as follows: 14 1. The agency may make an equipment loan to a non-profit hospital 15 corporation, a county hospital, a municipal hospital, a New York state 16 department of health facility, a state university of New York health 17 care facility or a non-profit corporation providing a residential health 18 care facility, upon terms and conditions not inconsistent with article 19 twenty-eight of the public health law and this section. The proceeds of 20 such loan are to be used substantially to finance the acquisition 21 through purchase or lease of equipment including construction and reha- 22 bilitation related to the installation of such equipment OR THE ACQUISI- 23 TION OF INTELLECTUAL PROPERTY OR OTHER INTANGIBLE PROPERTY, INCLUDING 24 INFORMATION TECHNOLOGY AND SOFTWARE, THAT IS ELIGIBLE FOR TAX-EXEMPT 25 FINANCING UNDER THE UNITED STATES INTERNAL REVENUE CODE. 26 S 4. Subdivision 1 of section 1679-b of the public authorities law, as 27 added by chapter 516 of the laws of 1997, is amended to read as follows: 28 1. The dormitory authority may make an equipment loan to any private 29 entity for the benefit of which the dormitory authority is authorized to 30 issue bonds or other obligations of the dormitory authority. The 31 proceeds of such a loan are to be used substantially to finance the 32 acquisition through purchase or lease of equipment including 33 construction and rehabilitation related to the installation of such 34 equipment OR THE ACQUISITION OF INTELLECTUAL PROPERTY OR OTHER INTANGI- 35 BLE PROPERTY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE, THAT IS 36 ELIGIBLE FOR TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL 37 REVENUE CODE. The dormitory authority may make an equipment loan by the 38 purchase, lease or sublease of equipment by the dormitory authority and 39 the lease or sublease of such equipment to any such private entity for 40 the purpose of providing for the acquisition of such equipment and the 41 construction and rehabilitation related to the installation thereof OR 42 PURSUANT TO AN INSTALLMENT PURCHASE AGREEMENT. 43 S 5. This act shall take effect immediately.