Bill Text: NY S07961 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to the New York state business incubator and innovation hot spot support act.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2018-06-19 - SUBSTITUTED BY A10105 [S07961 Detail]
Download: New_York-2017-S07961-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7961 IN SENATE March 13, 2018 ___________ Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel- opment) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commis- sions AN ACT to amend the urban development corporation act, in relation to the New York state business incubator and innovation hot spot support act The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (c) of subdivision 2 of section 16-v of section 1 2 of chapter 174 of the laws of 1968, constituting the urban development 3 corporation act, as added by section 1 of part C of chapter 59 of the 4 laws of 2013, is amended to read as follows: 5 (c) The corporation, subject to appropriations provided for this 6 purpose, may approve and designate [five] ten New York state incubator 7 hot spots [in fiscal year two thousand thirteen-two thousand fourteen8and five additional New York state innovation hot spots in fiscal year9two thousand fourteen-two thousand fifteen]. Such designees will be 10 required to demonstrate an affiliation with and the application support 11 of at least one college, university or independent research institution, 12 and that its programs and purposes are consistent with regional economic 13 development strategies. 14 § 2. Paragraph (c) of subdivision 5 of section 16-v of section 1 of 15 chapter 174 of the laws of 1968, constituting the urban development 16 corporation act, as added by section 1 of part C of chapter 59 of the 17 laws of 2013, is amended to read as follows: 18 (c) No deduction. In addition to the foregoing requirements, an incu- 19 bator sponsor shall agree to dedicate all funds from any grants or 20 support received pursuant to this subdivision to the operations of the 21 incubator without deductions for [overhead,] indirect costs[, or facili-22ties and administration charges] of such sponsor. In no case shall an 23 incubator sponsor agree to provide less than eighty-five percent of all 24 funds received pursuant to this subdivision to the operations of the 25 incubator without exception. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14327-01-8S. 7961 2 1 § 3. Subdivision 6 of section 16-v of section 1 of chapter 174 of the 2 laws of 1968, constituting the urban development corporation act, as 3 added by section 1 of part C of chapter 59 of the laws of 2013, is 4 amended to read as follows: 5 6. Other assistance. The corporation [shall] may make such other aid, 6 assistance, and resources available to New York state innovation hot 7 spots and New York state incubators and their clients as it shall deem 8 useful and appropriate for the furtherance of the purposes of this act, 9 including without limitation technical assistance, aid in marketing, aid 10 in reaching and providing entrepreneurship training opportunities to 11 such marginalized groups as those composed of individuals who are minor- 12 ity, female, disabled, or poor, and others, curriculum development, and 13 other services and resources. The corporation shall also seek assistance 14 from other state agencies in the development of procurement and market- 15 ing resources and training opportunities for New York state innovation 16 hot spots and New York state incubators and their clients. 17 § 4. Subdivision 8 of section 16-v of section 1 of chapter 174 of the 18 laws of 1968, constituting the urban development corporation act, as 19 added by section 1 of part C of chapter 59 of the laws of 2013, is 20 amended to read as follows: 21 8. New York state innovation hot spots may certify clients which meet 22 the requirements of subdivision nine of this section as qualified enti- 23 ties eligible for New York state innovation hot spot program tax bene- 24 fits pursuant to section thirty-eight of the tax law. [Under no circum-25stance may business enterprises of incubators designated as New York26state incubators under paragraph (b) of subdivision one of this section27be eligible for tax benefits under section thirty-eight of the tax law.] 28 Business enterprises of incubators designated as New York state incuba- 29 tors under paragraph (a) of subdivision one of this section may be 30 certified by the New York state innovation hot spot if the incubator has 31 entered into a memorandum of understanding with such hot spot establish- 32 ing a process and threshold for the provision of innovation hot spot 33 benefits to qualified enterprises or the hot spot is providing demon- 34 strable services or assistance to the business enterprise in addition to 35 those provided by the incubator. 36 § 5. This act shall take effect immediately.