Bill Text: NY S03903 | 2015-2016 | General Assembly | Introduced

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Bill Title: Requires fifty percent of the allocation of monies under the NYS innovation venture capital fund be made available to the technology transfer and faculty development programs.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S03903 Detail]

Download: New_York-2015-S03903-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3903
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 20, 2015
                                      ___________
       Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Commerce, Economic  Devel-
         opment and Small Business
       AN  ACT  to  amend part JJ of chapter 59 of the laws of 2013 relating to
         establishing a New York state innovation capital fund, in relation  to
         allocation of monies under such fund
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 2 of part JJ of chapter 59  of  the  laws  of  2013
    2  relating  to  establishing  a  New York state innovation capital fund is
    3  amended to read as follows:
    4    S 2. The New York state innovation venture capital fund. In  order  to
    5  strengthen the university/industry connection and prepare New York busi-
    6  nesses  to  compete  for private-sector venture investment, the New York
    7  state urban development corporation shall have the  power  to  establish
    8  and  administer  the  New  York state innovation venture capital fund to
    9  provide critical seed and early-stage funding to incentivize  new  busi-
   10  ness  formation and growth in New York state and to facilitate the tran-
   11  sition from ideas and research to marketable  products.  Funds  will  be
   12  expended  by  the  innovation  venture  capital  fund pursuant to a plan
   13  developed by the urban development  corporation  and  submitted  to  the
   14  director  of  the division of the budget, the temporary president of the
   15  senate, the speaker of the assembly, the minority leader of  the  senate
   16  and  the minority leader of the assembly.  No funds shall be transferred
   17  to the New York state urban development corporation  for  the  New  York
   18  state  innovation  venture capital fund until such plan has been submit-
   19  ted.  OF THE AMOUNTS TRANSFERRED TO THE CORPORATION  FOR  THE  NEW  YORK
   20  STATE  INNOVATION  VENTURE CAPITAL FUND IN ANY YEAR, FIFTY PERCENT SHALL
   21  BE MADE AVAILABLE TO THE TECHNOLOGY  TRANSFER  AND  FACULTY  DEVELOPMENT
   22  PROGRAMS UNDER SUBDIVISIONS THREE AND FIVE OF SECTION 209-P OF THE EXEC-
   23  UTIVE  LAW,  EXCEPT  THAT IN THE FISCAL YEAR BEGINNING ON APRIL 1, 2015,
   24  THE AMOUNT OF SUCH TRANSFER SHALL BE TWENTY-FIVE MILLION DOLLARS.
   25    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09264-01-5