Bill > S00655

This bill, known as the "accountability for development assistance act," aims to standardize and increase transparency in how the state provides economic development assistance. It mandates that all applications for such assistance, which includes benefits from state or local authorities, must include specific details like tracking numbers, contact information for both the granting entity and the applicant, the current number of employees, the type and value of assistance requested, and the number of jobs to be created or retained. Recipients of this assistance will be required to submit annual progress reports detailing their compliance with the agreement, and failure to do so can result in the suspension of current or future aid. The bill also establishes recapture provisions, meaning if a recipient fails to meet job creation or retention goals, they may have to repay tax exemptions, grants, or loans, or forfeit tax credits. Furthermore, it requires a unified economic development report to be submitted annually to the governor and legislature, and for all development assistance agreements and progress reports to be disclosed to the Department of Economic Development for public compilation.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S655