Bill Text: NY S04668 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2020-01-24 - PRINT NUMBER 4668A [S04668 Detail]
Download: New_York-2019-S04668-Introduced.html
Bill Title: Prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2020-01-24 - PRINT NUMBER 4668A [S04668 Detail]
Download: New_York-2019-S04668-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4668 2019-2020 Regular Sessions IN SENATE March 20, 2019 ___________ Introduced by Sens. SKOUFIS, MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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