Bill > A07933

This bill enacts the Corporate Accountability for Tax Expenditures Act, which introduces comprehensive reporting and accountability measures for economic development assistance in New York. The bill applies to both corporations and public authorities receiving state development assistance, requiring detailed standardized applications and annual progress reports that disclose job creation, job retention, wages, and other key metrics. Recipients must report on the number and types of jobs created (full-time, part-time, temporary), actual wages, and how the development assistance impacts employment. The bill establishes strict recapture provisions, meaning if recipients fail to meet job creation or retention goals, they may be required to repay tax exemptions, grants, or loans, and could have future development assistance suspended. The legislation also mandates that the Department of Taxation and Finance submit an annual unified economic development budget to the governor and legislature, providing transparency about the total amount of development assistance granted and its economic impact. Starting in 2026, the state will compile and publish comprehensive reports on the outcomes of development assistance programs, including the number of recipients, violations of development agreements, and recapture efforts. The bill aims to increase accountability and ensure that state economic development resources are used effectively to create and retain jobs.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7933