Bill Text: NY A05928 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to the definition of a business startup and funds reserved for business startups.

Spectrum: Partisan Bill (Republican 13-0)

Status: (Introduced - Dead) 2018-05-30 - held for consideration in economic development [A05928 Detail]

Download: New_York-2017-A05928-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5928
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 17, 2017
                                       ___________
        Introduced by M. of A. KOLB, BUTLER, McLAUGHLIN -- Multi-Sponsored by --
          M. of A.  BARCLAY, CROUCH, CURRAN, FINCH, FITZPATRICK, GIGLIO, HAWLEY,
          McDONOUGH,  McKEVITT,  MONTESANO, OAKS, RAIA -- read once and referred
          to the Committee on Economic Development
        AN ACT to amend the state finance law, in relation to the definition  of
          a business startup and funds reserved for business startups
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 4 of section 213 of the state finance  law,  as
     2  added  by  chapter  705  of  the  laws of 1993 and as further amended by
     3  section 15 of part GG of chapter 63 of the laws of 2000, is  amended  to
     4  read as follows:
     5    4. (a) "Certified business" means a business located in an empire zone
     6  created  pursuant to article eighteen-B of the general municipal law and
     7  certified pursuant to such article as eligible for the benefits referred
     8  to in section nine hundred sixty-six of  such  article,  or  a  business
     9  startup as defined in this subdivision.
    10    (b)  "Business  startup"  means  a newly created business in its early
    11  research and development stage,  as  designated  by  the  department  of
    12  economic development.
    13    §  2. Section 214 of the state finance law, as amended by section 1 of
    14  part P of chapter 59 of the laws of 2007, is amended to read as follows:
    15    § 214. Establishment and  purpose;  linked  deposit  program  authori-
    16  zation.    The  excelsior  linked deposit program is hereby created. The
    17  purpose of the program is to encourage and  assist  eligible  businesses
    18  within  the  state  to  undertake eligible projects that will materially
    19  contribute to improving their performance and competitiveness. The comp-
    20  troller is hereby authorized to use any moneys of the  state  the  comp-
    21  troller  is  authorized  to invest pursuant to section ninety-eight-a of
    22  this chapter as linked deposits for the program. Not  more  than  [four]
    23  nine  hundred [sixty] million dollars of such moneys shall be on deposit
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08087-01-7
        A. 5928                             2
     1  pursuant to the program at any given time,  provided  that  two  hundred
     2  million dollars of such funds shall be reserved for business startups as
     3  defined  by  subdivision  four  of  section two hundred thirteen of this
     4  article.   The commissioner of taxation and finance is hereby authorized
     5  to use funds in the linked deposit program fund established pursuant  to
     6  section ninety-two-v of this chapter as linked deposits for the program.
     7  Not  more  than  one  hundred  million  dollars  from the linked deposit
     8  program fund shall be on deposit pursuant to the program  at  any  given
     9  time.
    10    § 3. This act shall take effect immediately.