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Bill > A04107


NY A04107

NY A04107
Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.


summary

Introduced
01/31/2025
In Committee
01/31/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the New York state urban development corporation act, in relation to creating the New York state innovative energy and environmental technology program

AI Summary

This bill establishes the New York State Innovative Energy and Environmental Technology Program, which will provide grants up to $100,000 to small businesses developing cutting-edge energy and environmental technologies. The program aims to stimulate economic development by helping small businesses overcome early-stage financing challenges, with a focus on innovative technologies that have significant commercial potential. Eligible businesses must be independently owned, headquartered in New York, employ 100 or fewer people, and be developing technologies in areas like renewable energy (solar, wind, fuel cells), environmental monitoring, pollution control, waste management, and site remediation. Grants will be awarded competitively based on criteria including economic impact, job creation potential, technical feasibility, and likelihood of improving public health or economic productivity. The New York Urban Development Corporation will administer the program in consultation with the state energy research and development authority and department of environmental conservation. Recipients must provide detailed applications explaining their technology, market potential, development timeline, and budget. The corporation is required to submit annual reports to state legislators detailing the program's effectiveness, including information about each grant recipient and their project's outcomes, while maintaining confidentiality of sensitive intellectual property.

Committee Categories

Business and Industry

Sponsors (6)

Last Action

referred to small business (on 01/31/2025)

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