NY A05795

Establishes the New York State Infrastructure Development Bank within the Department of Banking with a board of five directors appointed by the governor (two from public sector, three from private sector).

Authorizes the bank to issue public benefit bonds, provide direct subsidies, and lend to entities and commercial banks for infrastructure projects including transportation, environmental, energy, and telecommunications projects.

Appropriates $250,000,000 from the state general fund for the bank's operations, payable on audit and warrant of the comptroller.

Requires the bank to consider job creation, workforce development, carbon emission reductions, and benefits to disadvantaged communities when evaluating project eligibility for financial assistance.

Exempts bank bonds and obligations from state and local taxation, deems them obligations of the state supported by full faith and credit, and requires annual audits and reports to the governor and legislature; legislation expires December 31, 2026.