Bill > S00373

This bill prohibits confidentiality and non-disclosure provisions in economic development contracts involving state or municipal entities. Specifically, the legislation amends four different laws (Urban Development Corporation Act, State Finance Law, General Municipal Law, and Economic Development Law) to ensure that any agreements related to economic development incentives—such as tax incentives, payments in lieu of taxes, tax abatements, bonds, loans, grants, or rebates—cannot include clauses that prevent parties from discussing or disclosing the contract's terms. This means that government entities, their negotiating representatives, and other parties involved in economic development projects will be required to maintain transparency by allowing open communication about the details of their agreements. The bill aims to increase public accountability by preventing government entities from keeping the specifics of economic development deals confidential, thus allowing taxpayers and other stakeholders to understand how public resources and incentives are being used. The legislation takes effect immediately upon its enactment, applying to new and existing contracts across state and municipal levels of government.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S373