Establishes the New York rural growth fund tax credit and the New York rural growth fund; provides that individuals who develop a business plan to invest in rural business in New York and have successfully solicited private investors to make capital contributions in support of such business plan may apply to the department of economic development for certification as a rural business growth fund; provides that if approved, tax credits shall be issued in an aggregate amount equal to seventy percent of the eligible investment authority; defines terms; provides for penalties; requires reporting.
Establishes the incentive evaluation act; creates the incentive evaluation commission to at least once every four years evaluate each incentive provided by the state and report to the governor and the legislature on their effectiveness and provide recommendations relating thereto.
Authorizes recoupment by the state or any political subdivision of financial incentives such as awards, loans, grants or tax abatements, awarded businesses for purposes of job training, job creation or retention, or the development of business operations, upon recipient's failure to complete the terms of the incentive.
Establishes the New York rural growth fund tax credit and the New York rural growth fund; provides that individuals who develop a business plan to invest in rural business in New York and have successfully solicited private investors to make capital contributions in support of such business plan may apply to the department of economic development for certification as a rural business growth fund; provides that if approved, tax credits shall be issued in an aggregate amount equal to seventy percent of the eligible investment authority; defines terms; provides for penalties; requires reporting.
Sub-Topics
Tax Credits
Tags
Economic Development
Rural Communities
Prohibits allocation of economic development power to data centers; provides for certain caps on amounts and eligibility for industrial development agency financial assistance; provides for the return of industrial development agency-awarded financial assistance if certain job levels are not maintained within 5 years of project completion; designates the department of environmental conservation as the mandatory lead agency for environmental quality review of any action consuming over 20 megawatts; requires environmental quality review for any action within 10 miles of a federally recognized Indian nation's territory.
Tags
Economic Development
Establishes the empire state sports and entertainment fund to create competitive financial incentives to attract sports and entertainment events in the state with an emphasis on economic development in upstate New York.
Tags
Economic Development
This bill (A 5258) prohibits county industrial development agencies from offering financial incentives - such as tax breaks, cash grants, or payments in lieu of taxes - to businesses in any municipality that already operates its own industrial development agency. It directly affects county agencies and municipalities with separate economic development entities, preventing overlapping incentive programs within the same geographic area. The key provision, added to the General Municipal Law, bans county agencies from providing any incentives in municipalities where a local agency exists. The law would take effect two years after enactment.
Authorizes recoupment by the state or any political subdivision of financial incentives such as awards, loans, grants or tax abatements, awarded businesses for purposes of job training, job creation or retention, or the development of business operations, upon recipient's failure to complete the terms of the incentive.
Prohibits industrial development agencies from incentivizing movements within the state where any plant, facility, or personnel of the project occupant are abandoned or removed.
Authorizes recoupment by the state or any political subdivision of financial incentives such as awards, loans, grants or tax abatements, awarded businesses for purposes of job training, job creation or retention, or the development of business operations, upon recipient's failure to complete the terms of the incentive.
