Bill > S00177

This bill modifies provisions related to financial assistance from industrial development agencies (IDAs) by removing requirements that certain projects be located in highly distressed areas to qualify for aid. Specifically, the bill repeals subdivision 18 of section 854 of the general municipal law and amends section 862 to eliminate the provision that previously allowed financial assistance for retail projects in highly distressed areas. Under the revised law, financial assistance can still be provided to retail projects that primarily serve local residents by making goods or services more accessible in a specific city, town, or village. The change essentially broadens the criteria for IDA financial assistance by removing the geographic restriction tied to highly distressed areas. This modification may potentially make it easier for retail and commercial projects to receive financial support from industrial development agencies across New York State, regardless of their specific location's economic status.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S177