BILL NUMBER: S9777
SPONSOR: GOUNARDES
 
TITLE OF BILL:
An act to amend the economic development law, in relation to extending
the reporting deadline of the advisory panel on employee-owned enter-
prises; and to amend chapter 435 of the laws of 2017 amending the
economic development law relating to establishing an advisory panel on
employee-owned enterprises within the division of small business
services, in relation to the effectiveness thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would extend for one year the advisory panel on employee-owned
enterprises which is tasked with reporting and making recommendations on
how best to support such businesses and promote the formation and growth
of new employee-owned enterprises in New York State.
 
SUMMARY OF PROVISIONS:
This bill would extend for one year the advisory panel within the
Department of Economic Development for the purpose of reviewing state
laws and programs in order to report and make recommendations on how to
support and promote employee-owned enterprises in New York State. The
panel would also be required to issue a report no later than June 30,
2025, with its findings.
 
JUSTIFICATION:
Employee-owned enterprises provide stability and staying power for local
jobs. Employee-owned enterprises are far less likely to move out of
state, or even out of the local region, because of the roots the employ-
ees of these enterprises have in the areas they work and live. Studies
have found that wages, sales, productivity, and retirement plans for
employee-owned enterprises are higher than those of comparable, private-
ly owned corporations. As an increasing number of small business owners
reach retirement, many employees fear they may lose their job or have to
relocate when a small business owner retires and sells their company.
 
PRIOR LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect immediately; provided that the amendments to
subdivision 5 of section of the economic development law made by section
one of this act shall not affect the repeal of such section and shall be
deemed repealed therewith.

Statutes affected:
S9777: 139 economic development law, 139(5) economic development law