Source: https://www.nysenate.gov/legislation/bills/2017/s3354
Timestamp: 2019-05-21 02:56:39
Document Index: 542372123

Matched Legal Cases: ['Art 14', '§1401', '§ 2', '§ 1402', '§ 1403', '§ 1404', '§ 2', '§ 1402', '§ 1403', '§ 1404']

NY State Senate Bill S3354
senate Bill S3354
Get Status Alerts for S3354
ordered to third reading cal.1124
Jan 23, 2017 referred to corporations, authorities and commissions
S3354 (ACTIVE) - Details
Add Art 14 §§1401 - 1404, BC L
2011-2012: S2854
2013-2014: S3446
2015-2016: S2669
2019-2020: S3364
S3354 (ACTIVE) - Summary
Enacts the unified economic development budget act.
S3354 (ACTIVE) - Sponsor Memo
BILL NUMBER:  S3354
TITLE OF BILL :  An act to amend the business corporation law, in
relation to enacting the unified economic development budget act
Directs the Division of the Budget to prepare an annual Unified
Economic Development Budget that outlines the aggregate amounts of
State investments in economic development projects statewide, the
benefactors of these investments and the number of jobs businesses
created or retained as a result of this development assistance.
§ 2. The Business Corporation Law is amended by adding a new article
§ 1402. Unified Economic Development Budget. (a) The Division of the
Budget, in collaboration with the Department of Taxation and Finance,
is directed to prepare each fiscal year, ending on or after June 30,
2020, a Unified Economic Development Budget. (b) Specifies that all
data in the Unified Economic Development Budget is subject to the
Freedom of information Act, excluding certain tax information. (c) Tax
expenditure appendix.
§ 1403. Standardized applications for State development assistance.(a)
Standardizes criteria for applications to the Division of the Budget,
industrial development agencies and other state granting body. (b)
Minimum requirements for application form completion. (c) Authorizes
the Division of the Budget to modify the standardized application.
§ 1404. State Development Assistance Disclosure. (a) Requires all
state granting bodies and industrial development agencies to annually
submit to the Division of the Budget copies of all development
assistance agreements approved in the prior calendar year. (b)
Requires recipients of development assistance to submit to the
Division of the Budget annual progress reports. (c) Authorizes any
state granting body and industrial development agency to verify
information in a development assistance recipient's progress reports.
(d) Requires the Division of the Budget to compile and publish all
data in all progress reports, beginning June 1, 2021.
New York State annually invests billions of dollars in economic
develop projects each year, regularly in the form of grants, loans or
tax expenditures. However, it is difficult to ascertain the extent end
effectiveness of this spending because the responsibility of granting
this development assistance is spread across several State entities.
There is also no single source of reference outlining these entities'
economic development initiatives. For the same reasons, it is
difficult to ascertain who are the benefactors of this development
assistance and whether they are providing the State with an adequate
return on investment, usually in the form of new or retained jobs.
This legislation directs and authorizes the Division of the Budget to
prepare annually a Unified Economic Development Budget that outlines
the aggregate amounts of State investments in economic development
projects statewide, the benefactors of these investments and the
number of Jobs they created or retained as a result of this
development assistance. The legislation also standardizes the types of
information that State entities and recipients of development
assistance must report to the Division of the Budget.
S3354 (ACTIVE) - Bill Text download pdf
Introduced  by Sens. KRUEGER, PERKINS, SERRANO -- read twice and ordered
AN  ACT  to  amend the business corporation law, in relation to enacting
the unified economic development budget act
the "unified economic development budget act".
§ 2. The business corporation law is amended by adding a  new  article
(A) "ANNUAL TAX EXPENDITURE REPORT"  IS  AS  DEFINED  BY  SECTION  ONE
HUNDRED EIGHTY-ONE OF THE EXECUTIVE LAW.
(B) "BASE YEARS" MEANS THE FIRST TWO COMPLETE CALENDAR YEARS FOLLOWING
(C) "DATE OF ASSISTANCE" MEANS THE COMMENCEMENT DATE OF THE ASSISTANCE
(D)  "DEVELOPMENT  ASSISTANCE" MEANS: (1) TAX EXPENDITURES GIVEN AS AN
INCENTIVE TO  RECIPIENT  BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS  AND
GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES;
LBD01728-01-7
S. 3354                             2
(2)  GRANTS  OR  LOANS AWARDED BY ALL STATE GRANTING BODIES AND INDUS-
TRIAL DEVELOPMENT AGENCIES TO BUSINESSES,  NOT-FOR-PROFIT  ORGANIZATIONS
AND GOVERNMENT ENTITIES FOR ECONOMIC DEVELOPMENT PURPOSES; AND
(3)  ALL  SUCCESSOR AND SUBSEQUENT DEVELOPMENT ASSISTANCE PROGRAMS AND
TAX EXPENDITURES DESIGNED TO  PROMOTE  LARGE  BUSINESS  RELOCATIONS  AND
(E) "DEVELOPMENT ASSISTANCE AGREEMENT" MEANS ANY AGREEMENT EXECUTED BY
THE STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY AND THE RECIPI-
ENT  SETTING FORTH THE TERMS AND CONDITIONS OF DEVELOPMENT ASSISTANCE TO
BE PROVIDED TO THE RECIPIENT CONSISTENT WITH THE FINAL  APPLICATION  FOR
DEVELOPMENT ASSISTANCE, INCLUDING BUT NOT LIMITED TO THE DATE OF ASSIST-
ANCE, SUBMITTED TO AND APPROVED BY THE STATE GRANTING BODY OR INDUSTRIAL
(F) "DIVISION" MEANS, UNLESS OTHERWISE NOTED, THE NEW YORK STATE DIVI-
SION OF THE BUDGET OR ANY SUCCESSOR AGENCY.
(G) "ECONOMIC DEVELOPMENT" MEANS ANY ECONOMIC ACTIVITY TO INCREASE TAX
REVENUE,  TAX  BASE,  OR  EMPLOYMENT OR IMPROVE GENERAL ECONOMIC HEALTH,
WHEN THE ACTIVITY INVOLVES:
(1) THE PLANNING, DESIGN, DEVELOPMENT,  CONSTRUCTION,  REHABILITATION,
BUSINESS  RELOCATION,  OR  ANY COMBINATION OF THESE, WITHIN A COMMUNITY;
(2) THE PROVISION OF OFFICE, INDUSTRIAL,  MANUFACTURING,  WAREHOUSING,
DISTRIBUTION,  PARKING,  PUBLIC,  OR OTHER FACILITIES, OR OTHER IMPROVE-
MENTS THAT BENEFIT THE STATE OR A COMMUNITY;
BUT DOES NOT RESULT IN THE TRANSFER OF LAND TO PUBLIC OWNERSHIP  OR  THE
TRANSFER  OF  PROPERTY TO A PRIVATE ENTITY THAT IS A PUBLIC UTILITY, THE
LEASE OF PROPERTY TO PRIVATE ENTITIES THAT  OCCUPY  AN  INCIDENTAL  AREA
WITHIN A PUBLIC PROJECT OR THE REMEDY OF BLIGHT.
(H)  "FULL-TIME,  PERMANENT JOB" MEANS A JOB IN WHICH THE NEW EMPLOYEE
(I)  "INDUSTRIAL  DEVELOPMENT  AGENCY"  MEANS  AN AGENCY AS DEFINED BY
SECTION EIGHT HUNDRED FIFTY-FOUR OF THE GENERAL MUNICIPAL LAW.
(J) "NEW EMPLOYEE" MEANS A FULL-TIME, PERMANENT EMPLOYEE  WHO  REPRES-
A  LAYOFF  THAT OCCURS DURING OR FOLLOWING THE BASE YEARS. THE TERM "NEW
EMPLOYEE" DOES NOT INCLUDE ANY OF THE FOLLOWING:
THIS STATE FOR AT LEAST SIX MONTHS BEFORE HIRING THE EMPLOYEE; OR
(K)  "PART-TIME  JOB"  MEANS A JOB IN WHICH THE NEW EMPLOYEE WORKS FOR
(L) "RECIPIENT" MEANS ANY BUSINESS THAT RECEIVES ECONOMIC  DEVELOPMENT
(M)  "RETAINED  EMPLOYEE" MEANS ANY EMPLOYEE DEFINED AS HAVING A FULL-
TIME OR FULL-TIME EQUIVALENT JOB PRESERVED AT  A  SPECIFIC  FACILITY  OR
SITE,  THE  CONTINUANCE  OF WHICH IS THREATENED BY A SPECIFIC AND DEMON-
S. 3354                             3
(N)  "SPECIFIC  PROJECT  SITE" MEANS THAT DISTINCT OPERATIONAL UNIT TO
(O) "STATE GRANTING BODY" MEANS THE DIVISION AND/OR  ANY  OTHER  STATE
DEPARTMENT, AGENCY, BUREAU, OFFICE, COMMISSION, PUBLIC AUTHORITY, PUBLIC
CORPORATION  AND ANY OTHER STATE ENTITY THAT PROVIDES AND/OR ADMINISTERS
DEVELOPMENT ASSISTANCE THAT HAS REPORTING REQUIREMENTS UNDER THIS  ARTI-
CLE, AND ANY SUCCESSOR AGENCIES TO ANY OF THE PRECEDING ENTITIES.
(P)  "TAX EXPENDITURE" IS AS DEFINED BY SECTION ONE HUNDRED EIGHTY-ONE
(Q) "TEMPORARY JOB" MEANS A JOB IN WHICH THE NEW EMPLOYEE IS HIRED FOR
(R) "VALUE OF ASSISTANCE" MEANS THE FACE VALUE OF ANY FORM OF DEVELOP-
§ 1402. UNIFIED ECONOMIC DEVELOPMENT BUDGET.
(A) FOR EACH STATE FISCAL YEAR ENDING ON OR AFTER JUNE THIRTIETH,  TWO
THOUSAND  TWENTY,  THE DIVISION, IN COLLABORATION WITH THE DEPARTMENT OF
TAXATION AND FINANCE, SHALL SUBMIT AN ANNUAL UNIFIED  ECONOMIC  DEVELOP-
MENT  BUDGET  TO THE GOVERNOR, SENATE AND ASSEMBLY. THE UNIFIED ECONOMIC
DEVELOPMENT BUDGET SHALL BE DUE WITHIN THREE MONTHS AFTER THE END OF THE
FISCAL YEAR, AND SHALL  PRESENT  ALL  TYPES  OF  DEVELOPMENT  ASSISTANCE
GRANTED DURING THE PRIOR FISCAL YEAR, INCLUDING:
(1)  THE  AGGREGATE AMOUNT, PREPARED BY THE DEPARTMENT OF TAXATION AND
FINANCE AND PRESENTED AS STATE TOTALS, OF ACTUAL UNCOLLECTED OR DIVERTED
STATE TAX REVENUES RESULTING FROM EACH TYPE  OF  DEVELOPMENT  ASSISTANCE
PROVIDED  PURSUANT  TO  LAW,  AS  REPORTED IN THE ANNUAL TAX EXPENDITURE
(2) THE AGGREGATE AMOUNT, PREPARED BY THE DIVISION  AND  PRESENTED  AS
STATE  TOTALS, OF DEVELOPMENT ASSISTANCE GRANTS AND LOANS AWARDED BY ALL
STATE AND INDUSTRIAL DEVELOPMENT AGENCIES TO BUSINESSES,  NOT-FOR-PROFIT
ORGANIZATIONS AND GOVERNMENT ENTITIES; AND A LIST OF THE TOP FIVE RECIP-
IENTS  BY  DOLLAR  VALUE OF EACH TYPE OF DEVELOPMENT ASSISTANCE GRANT OR
(3) THE AGGREGATE AMOUNTS REQUIRED BY SUBPARAGRAPHS  ONE  AND  TWO  OF
THIS PARAGRAPH SHALL CORRESPOND TO THE MOST RECENT FISCAL YEAR FOR WHICH
RELIABLE DATA ARE AVAILABLE, AND THE PRECEDING FIVE FISCAL YEARS;
(4)  A LIST OF ALL STATE DEVELOPMENT ASSISTANCE WITH A DESCRIPTION AND
AGGREGATE AMOUNT OF UNCOLLECTED OR DIVERTED STATE TAX REVENUES RESULTING
FROM OR AWARDED FOR EACH TYPE OF DEVELOPMENT  ASSISTANCE  FOR  THE  MOST
RECENT FISCAL YEAR AND ITS PRECEDING FISCAL YEAR; AND
(5)  THE  AGGREGATE  AMOUNT, PREPARED BY THE DIVISION AND PRESENTED AS
STATE TOTALS, OF JOBS CREATED AND/OR RETAINED WITH THE SUPPORT OF DEVEL-
THE  FREEDOM  OF  INFORMATION  ACT,  NOTWITHSTANDING  INSTANCES WHEN THE
DISCLOSURE OF INFORMATION VIOLATES  CONFIDENTIALITY  AGREEMENTS  BETWEEN
THE  DEPARTMENT OF TAXATION AND FINANCE AND RECIPIENTS OF STATE DEVELOP-
(C) THE DEPARTMENT OF TAXATION AND FINANCE SHALL SUBMIT  A  REPORT  OF
THE  AMOUNTS IN SUBPARAGRAPH ONE OF PARAGRAPH (A) OF THIS SECTION TO THE
DIVISION, WHICH SHALL APPEND SUCH REPORT TO THE UNIFIED ECONOMIC  DEVEL-
OPMENT BUDGET RATHER THAN SEPARATELY REPORTING SUCH AMOUNTS.
§ 1403. STANDARDIZED APPLICATIONS FOR STATE DEVELOPMENT ASSISTANCE.
S. 3354                             4
(A)  ALL  FINAL  APPLICATIONS  SUBMITTED  TO  THE DIVISION, INDUSTRIAL
DEVELOPMENT AGENCIES OR ANY OTHER STATE GRANTING BODY REQUESTING  DEVEL-
OPMENT ASSISTANCE SHALL CONTAIN, AT A MINIMUM:
GRANTING AGENCY OR INDUSTRIAL DEVELOPMENT AGENCY AND  TO  EACH  APPLICA-
OFFICER OF THE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
PROJECT SITE FOR WHICH DEVELOPMENT ASSISTANCE IS REQUESTED;
BODY  OR  INDUSTRIAL  DEVELOPMENT  AGENCY, INCLUDING THE NUMBER OF FULL-
TIME, PERMANENT JOBS, THE NUMBER OF PART-TIME JOBS, AND  THE  NUMBER  OF
INCLUDING THE NUMBER OF FULL-TIME, PERMANENT JOBS, THE NUMBER  OF  PART-
TIME JOBS, AND THE NUMBER OF TEMPORARY JOBS;
EACH STATE GRANTING BODY OR INDUSTRIAL  DEVELOPMENT  AGENCY  FROM  WHICH
THAT DEVELOPMENT ASSISTANCE IS BEING REQUESTED;
MAY REDUCE EMPLOYMENT AT ANY SITE IN NEW YORK;
TION SUBMITTED TO THE GRANTING BODY  OR  INDUSTRIAL  DEVELOPMENT  AGENCY
(B) EVERY STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY  EITHER
SHALL  COMPLETE, OR SHALL REQUIRE THE APPLICANT TO COMPLETE, AN APPLICA-
TION FORM THAT MEETS THE MINIMUM  REQUIREMENTS  AS  PRESCRIBED  IN  THIS
SECTION  EACH  TIME  AN  APPLICANT  APPLIES  FOR  DEVELOPMENT ASSISTANCE
(C) THE DIVISION SHALL HAVE THE DISCRETION TO MODIFY ANY  STANDARDIZED
APPLICATION  FOR  STATE  DEVELOPMENT ASSISTANCE REQUIRED UNDER PARAGRAPH
(A) OF THIS SECTION FOR ANY GRANTS THAT ARE NOT GIVEN AS AN INCENTIVE TO
A RECIPIENT BUSINESS ORGANIZATION.
§ 1404. STATE DEVELOPMENT ASSISTANCE DISCLOSURE.
(A) BEGINNING FEBRUARY FIRST, TWO  THOUSAND  NINETEEN  AND  EACH  YEAR
THEREAFTER,  EVERY STATE GRANTING BODY AND INDUSTRIAL DEVELOPMENT AGENCY
SHALL SUBMIT TO THE DIVISION COPIES OF ALL DEVELOPMENT ASSISTANCE AGREE-
MENTS THAT IT APPROVED IN THE PRIOR CALENDAR YEAR.
S. 3354                             5
SUBMIT  TO THE DIVISION A PROGRESS REPORT THAT SHALL INCLUDE, BUT NOT BE
CHIEF OFFICER OF THE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT AGENCY;
THAT  WAS  APPROVED BY THE STATE GRANTING BODY OR INDUSTRIAL DEVELOPMENT
ING BODY OR INDUSTRIAL DEVELOPMENT  AGENCY  AND  THE  APPLICANT'S  TOTAL
NUMBER  OF  EMPLOYEES  AT  THE  SPECIFIC PROJECT SITE ON THE DATE OF THE
REPORT, INCLUDING THE NUMBER OF FULL-TIME, PERMANENT JOBS, THE NUMBER OF
PART-TIME JOBS, AND THE NUMBER OF TEMPORARY JOBS, AND A  COMPUTATION  OF
THE GAIN OR LOSS OF JOBS IN EACH CATEGORY;
(6) THE NUMBER OF NEW EMPLOYEES AND RETAINED EMPLOYEES THAT THE APPLI-
CANT STATED IN ITS DEVELOPMENT ASSISTANCE AGREEMENT, IF ANY, AND IF NOT,
THEN IN ITS APPLICATION, WOULD BE CREATED BY THE DEVELOPMENT ASSISTANCE,
BROKEN DOWN BY FULL-TIME, PERMANENT, PART-TIME, AND TEMPORARY;
THE DEVELOPMENT ASSISTANCE AGREEMENT;
MENT AT ANY SITE IN NEW YORK; AND
(C) THE STATE  GRANTING  BODY,  INDUSTRIAL  DEVELOPMENT  AGENCY  OR  A
SUCCESSOR  AGENCY,  SHALL  HAVE  FULL  AUTHORITY  TO  VERIFY INFORMATION
CONTAINED IN THE RECIPIENT'S PROGRESS REPORT, INCLUDING THE AUTHORITY TO
INSPECT THE SPECIFIC PROJECT SITE AND INSPECT THE RECORDS OF THE RECIPI-
ENT THAT ARE SUBJECT TO THE DEVELOPMENT ASSISTANCE AGREEMENT.
(D) BY JUNE FIRST, TWO THOUSAND TWENTY-ONE AND BY JUNE FIRST  OF  EACH
YEAR  THEREAFTER, THE DIVISION SHALL COMPILE AND PUBLISH ALL DATA IN ALL
OF THE PROGRESS REPORTS IN BOTH WRITTEN AND ELECTRONIC FORM.