Bill > A00248

This bill establishes a comprehensive framework for state and local government entities to recoup financial incentives (such as awards, grants, loans, or tax abatements) provided to businesses for job training, job creation, retention, or business development when recipients fail to meet their contractual obligations. The bill requires that all such incentive agreements explicitly state the specific terms, including the time frame for completion, the purpose and amount of the incentive, the number of jobs to be created or retained, and the extent of business development planned. If a recipient does not fully execute the agreed-upon objectives, they will be required to repay the incentive, with the repayment amount potentially being prorated based on partial achievement of goals. The legislation allows for some flexibility, permitting awarding entities to waive repayment in cases of unforeseen circumstances beyond the recipient's control, such as significant market changes that could jeopardize the business's continued operation. Additionally, the bill mandates annual reporting to state leadership about recouped incentives, including details about recipients who failed to meet their commitments. The law aims to ensure accountability and responsible use of public economic development resources, providing a structured approach to managing business incentive programs.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A248