Bill > A02636

This bill establishes a comprehensive, publicly accessible database to track economic development benefits provided by local authorities in New York State. The database, managed by the Authorities Budget Office, will require local development corporations, industrial development agencies, and other local authorities to submit detailed quarterly reports about economic benefits they provide. These reports must include specific information such as the recipient's name and address, the type and amount of economic benefit (including grants, loans, bonds, tax credits, and exemptions), job creation projections, actual job creation numbers, and other relevant project details. The database will be searchable, downloadable, and feature user-friendly tools that allow the public to easily view and analyze economic development incentives. Additionally, the bill mandates that entities submitting data must certify its accuracy and allows the Authorities Budget Office to request additional information from participants. The goal is to increase transparency by providing a centralized, comprehensive resource that allows taxpayers, researchers, and policymakers to understand how local economic development resources are being used. The database will be updated quarterly and the Authorities Budget Office will provide a quarterly report to state legislative leaders about the database's usage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A2636