Bill > S02318

This bill amends the New York General Municipal Law to introduce stricter oversight and accountability for economic development projects receiving public financial assistance. The bill requires agencies to develop and implement policies for reclaiming financial assistance, including tax exemptions, if a project fails to meet job creation targets or violates project agreement terms. Agencies must conduct annual assessments and, if they find material shortfalls, can require the return of all or part of the financial support. If an agency decides to deviate from its standard policy, it must draft a public resolution explaining the decision and post it on its website. Additionally, the bill prohibits granting new tax exemptions, funds, financial incentives, or subsidies to projects that are already "in development" - defined as having active construction underway and all required permits issued - with exceptions for projects experiencing significant cost increases or substantial property tax reassessments. This legislation aims to prevent retroactive financial support and ensure more transparent and accountable use of public economic development resources.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S2318