BILL NUMBER: S4240
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the economic development law, in relation to including
among the commissioner's duties a mandate to include in all economic
development subsidy agreements provisions allowing the state to recover
previously issued awards from fund recipients in the event of relocation
outside the state
 
PURPOSE::
To recover state revenue intended to retain business when the business
relocates out of state prior to five years from the receipt of the
award.
 
SUMMARY OF PROVISIONS::
Section 1: Subdivision 19 of section 100 of the economic development law
is amended by adding a new paragraph (c).
Section 2: This act shall take effect immediately.
 
JUSTIFICATION::
Provides for the recovery of economic development awards in cases where
the recipient relocates outside the state.
 
LEGISLATIVE HISTORY:
2023-24: S6198- -Referred to Commerce,Economic Development and Small
Business
2021-22: S5021 -Referred to Commerce,Economic Development and Small
Business
2019-20: S.4612- Referred to Commerce,Econ.Dev,and Small Business
2017-18: S.3628/A.776 Bichotte - REFERRED TO COMMERCE, ECONOMIC DEVELOP-
MENT AND SMALL BUSINESS
2015-16: S.555/A.6752 - Died in Commerce and Economic Development and
Small Business
2013-14: S.952JA.7239 - Died in Commerce and Economic Development and
Small Business
2011-12: S.1893 - Died in Commerce and Economic Development and Small
Business
2009-10: S.3307 - Referred to Commerce, Economic Development and Small
Business
 
FISCAL IMPLICATIONS::
Savings for the state to provide funding to businesses that are dedi-
cated to remaining in the State.
 
EFFECTIVE DATE::
This act shall take effect immediately, and shall apply only to economic
development awards made after such date.

Statutes affected:
S4240: 100 economic development law, 100(19) economic development law