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Bill > A00473
NY A00473
NY A00473Requires the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations and prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
summary
Introduced
01/06/2021
01/06/2021
In Committee
05/25/2022
05/25/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the general municipal law, in relation to requiring the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations and preventing the use of funds, financial incentives, subsidies or tax exemptions for projects already in development
AI Summary
This bill amends the General Municipal Law to require the return of all or part of the financial assistance provided for a project where the project has material shortfalls in job creation and retention or material violations of the terms and conditions of the project agreements. The bill also prevents the use of funds, financial incentives, subsidies, or tax exemptions for projects that are already in development, except in cases where environmental contamination or a significant increase in property taxes is discovered during the development process. Additionally, the bill requires project applicants to disclose any offers of financial assistance from economic development corporations located outside the state.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (12)
Bill Magnarelli (D)*,
Thomas Abinanti (D),
Steven Englebright (D),
Sandy Galef (D),
Pamela Hunter (D),
Chantel Jackson (D),
Jonathan Jacobson (D),
Karen McMahon (D),
Steve Otis (D),
Gina Sillitti (D),
Jo Anne Simon (D),
Phil Steck (D),
Last Action
reported referred to ways and means (on 05/25/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A473 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A00473&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00473 |
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