Bill Text: NY S06037 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2020-02-25 - referred to ways and means [S06037 Detail]

Download: New_York-2019-S06037-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6037

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 16, 2019
                                       ___________

        Introduced  by  Sen.  SAVINO -- 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 the devel-
          opment and creation of  distributed  ledger  technology  and  business
          entities that develop such technology

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
     2  opment law, as amended by section 1 of part K of chapter 59 of the  laws
     3  of 2017, are amended to read as follows:
     4    8.  "Financial  services  data  centers or financial services customer
     5  back office  operations"  means  operations  that  manage  the  data  or
     6  accounts of existing customers or provide product or service information
     7  and  support  to  customers  of  financial services companies, including
     8  banks, other lenders, securities and commodities  brokers  and  dealers,
     9  investment  banks,  portfolio  managers,  trust offices, [and] insurance
    10  companies, and financial technology companies that  develop  distributed
    11  ledger  technology. For purposes of this subdivision "distributed ledger
    12  technology" means a mathematically secured,  chronological,  and  decen-
    13  tralized  consensus  ledger or database, whether maintained via internet
    14  interaction, peer-to-peer network, or otherwise  used  to  authenticate,
    15  record, share and synchronize transactions in their respective electron-
    16  ic ledgers or databases.
    17    23.  "Software  development"  means the creation of distributed ledger
    18  technology, coded computer instructions or production or post-production
    19  of video games, as defined in subdivision one-a of section  six  hundred
    20  eleven  of  the general business law, other than those embedded and used
    21  exclusively in advertising, promotional websites or microsites, and also
    22  includes new media as defined by the commissioner in regulations.    For
    23  purposes  of  this  subdivision  "distributed ledger technology" means a

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01308-01-9
        S. 6037                             2

     1  mathematically  secured,  chronological,  and  decentralized   consensus
     2  ledger  or  database, whether maintained via internet interaction, peer-
     3  to-peer network, or otherwise used to authenticate,  record,  share  and
     4  synchronize transactions in their respective electronic ledgers or data-
     5  bases.
     6    §  2. Subdivision 4 of section 353 of the economic development law, as
     7  separately amended by section 3 of part K and section 2 of  part  ZZ  of
     8  chapter 59 of the laws of 2017, is amended to read as follows:
     9    4.  A business entity operating predominantly in one of the industries
    10  referenced in paragraphs (a) through (h) or in paragraph (k) of subdivi-
    11  sion one of this section but which does not meet the job requirements of
    12  subdivision three of this section must have at least  twenty-five  full-
    13  time job equivalents unless such business is a business entity operating
    14  predominantly in manufacturing then it must have at least five full-time
    15  job  equivalents  and must demonstrate that its benefit-cost ratio is at
    16  least ten to one, or unless it is a  software  development  entity  that
    17  develops  distributed  ledger technology which has been in operation for
    18  more than one year and less than five years, then it must have at  least
    19  two full-time job equivalents.
    20    §  3. Section 354 of the economic development law is amended by adding
    21  a new subdivision 6 to read as follows:
    22    6. The commissioner shall strive to ensure that there is participation
    23  on a broad regional geographic basis within the program and outreach  to
    24  all  eligible  industries  defined in section three hundred fifty-two of
    25  this article. The commissioner shall also promote diverse ownership  and
    26  workforces  of  participating  businesses through outreach to businesses
    27  owned by people with disabilities as defined under  subdivision  twenty-
    28  one  of  section two hundred ninety-two of the executive law or subdivi-
    29  sions three and twenty-two of section 1.03 of  the  the  mental  hygiene
    30  law,  minority-  and women-owned businesses and veteran-owned businesses
    31  in those industries where their participation is  not  currently  preva-
    32  lent.
    33    § 4. This act shall take effect immediately.