Bill Text: NY S06586 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires businesses which receive economic development incentives to disclose to the public, on a continuing basis, the conditions thereof and compliance therewith.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-03-01 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S06586 Detail]

Download: New_York-2011-S06586-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6586
                                   I N  S E N A T E
                                     March 1, 2012
                                      ___________
       Introduced  by  Sen.  BALL  --  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 the economic development law, in relation to requiring
         recipients of economic development assistance to  fully  disclose  the
         prerequisites for such assistance and their compliance therewith
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The economic development law is amended  by  adding  a  new
    2  article 21 to read as follows:
    3                                 ARTICLE 21
    4                 ECONOMIC DEVELOPMENT ASSISTANCE DISCLOSURE
    5  SECTION 450. DEFINITIONS.
    6          451. DISCLOSURE.
    7    S 450. DEFINITIONS. AS USED IN THIS ARTICLE:
    8    (A) "ECONOMIC DEVELOPMENT ASSISTANCE" MEANS:
    9    (1)  TAX CREDITS AND TAX EXEMPTIONS GIVEN AS INCENTIVES TO A RECIPIENT
   10  PURSUANT TO A DEVELOPMENT ASSISTANCE AGREEMENT; AND
   11    (2) ANY OTHER PROGRAM OR INCENTIVE INTENDED TO PROMOTE  AND  ENSURE  A
   12  BUSINESS RELOCATION OR EXPANSION.
   13    (B)  "ECONOMIC  DEVELOPMENT  ASSISTANCE AGREEMENT" MEANS ANY AGREEMENT
   14  EXECUTED BY THE STATE, OR A STATE OR  MUNICIPAL  BODY  AND  A  RECIPIENT
   15  SETTING  FORTH  ALL  TERMS, CONDITIONS AND UNDERSTANDINGS THEREOF OF THE
   16  PROVISION OF ECONOMIC DEVELOPMENT ASSISTANCE.
   17    (C) "RECIPIENT" MEANS  ANY  BUSINESS  ENTITY  THAT  RECEIVES  ECONOMIC
   18  DEVELOPMENT  ASSISTANCE  PURSUANT  TO AN ECONOMIC DEVELOPMENT ASSISTANCE
   19  AGREEMENT.
   20    S 451. DISCLOSURE. (A) EVERY RECIPIENT  SHALL,  UPON  REQUEST  OF  ANY
   21  PERSON, PROVIDE A COPY OF EACH ECONOMIC DEVELOPMENT ASSISTANCE AGREEMENT
   22  IT  HAS  ENTERED  INTO, A SUMMARY OF ALL ECONOMIC DEVELOPMENT ASSISTANCE
   23  PROVIDED PURSUANT TO SUCH AGREEMENT, A SUMMARY AND  EXPLANATION  OF  ALL
   24  TERMS  AND  CONDITIONS  OF SUCH AGREEMENT, THE EXTENT OF COMPLIANCE WITH
   25  SUCH TERMS AND CONDITIONS, AND THE PROJECT TO WHICH EACH SUCH  AGREEMENT
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14879-01-2
       S. 6586                             2
    1  RELATES.  EACH RECIPIENT SHALL IN A TIMELY AND ACCURATE MANNER REGULARLY
    2  UPDATE ALL SUCH INFORMATION.
    3    (B) ALL INFORMATION REQUIRED TO BE MADE AVAILABLE TO THE PUBLIC PURSU-
    4  ANT  TO  SUBDIVISION (A) OF THIS SECTION SHALL BE POSTED AND MADE AVAIL-
    5  ABLE TO THE PUBLIC ON THE INTERNET WEBSITE OF THE RECIPIENT.
    6    (C) ON OR BEFORE THE FIRST OF JANUARY, APRIL, JULY AND  OCTOBER,  EACH
    7  RECIPIENT  SHALL  SUBMIT  TO  THE  SECRETARY  OF  STATE, ALL INFORMATION
    8  REQUIRED TO BE MADE AVAILABLE TO THE PUBLIC PURSUANT TO SUBDIVISION  (A)
    9  OF THIS SECTION.
   10    S  2.  This  act  shall  take  effect  on  the first of September next
   11  succeeding the date on which it shall have become a law.