Bill Text: NY A07342 | 2019-2020 | General Assembly | Introduced

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Bill Title: Prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-01-08 - referred to local governments [A07342 Detail]

Download: New_York-2019-A07342-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7342
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 25, 2019
                                       ___________
        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Local Governments
        AN ACT to amend the general municipal law, in relation to preventing the
          use  of  funds,  financial incentives, subsidies or tax exemptions for
          projects already in development
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  854  of  the general municipal law is amended by
     2  adding a new subdivision 21 to read as follows:
     3    (21) "In  development"  -  shall  mean  a  project  for  which  active
     4  construction,  including  but  not limited to site clearing, excavation,
     5  erection of building foundations or structure, has already commenced.
     6    § 2. Section 862 of the general municipal law is amended by  adding  a
     7  new subdivision 3 to read as follows:
     8    (3)  Except  where environmental contamination requiring a significant
     9  increase in project costs is discovered during the  development  of  the
    10  project, no funds, financial incentives or subsidies of the agency shall
    11  be used in respect of any project which is already in development at the
    12  time  such  project applies for such funds, financial assistance, incen-
    13  tives or subsidies.
    14    § 3. Section 874 of the general municipal law is amended by  adding  a
    15  new subdivision 13 to read as follows:
    16    (13)  Except where environmental contamination requiring a significant
    17  increase in project costs is discovered during the  development  of  the
    18  project,  no  tax  exemptions  shall  be  granted  to any project if the
    19  project is already in development at the time such project  applies  for
    20  the issuance of the tax exemption.
    21    § 4. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10239-05-9