Bill
Bill > S01770
NY S01770
NY S01770Requires 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
01/15/2021
01/15/2021
In Committee
01/05/2022
01/05/2022
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 if the agency's annual assessment shows material shortfalls in job creation and retention projections or material violations of the project agreement terms. It also prohibits the granting of tax exemptions for projects that are already in development at the time of application, except in cases of environmental contamination or significant increases in property taxes. Additionally, the bill requires project applicants to disclose any offers of financial assistance from economic development corporations outside the state.
Committee Categories
Government Affairs
Sponsors (3)
Last Action
REFERRED TO LOCAL GOVERNMENT (on 01/05/2022)
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/S1770 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01770&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01770 |
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