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NY S06663
Bill
Status
10/3/2012
Primary Sponsor
Elizabeth Little
Click for details
AI Summary
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Amends the Economic Development Law to require revenue from licensing and leasing the "I Love NY" brand to be deposited into a new Tourism Economic Development Fund rather than general revenues.
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Establishes the Tourism Economic Development Fund in the joint custody of the State Comptroller and Commissioner of Taxation and Finance to hold licensing revenues, appropriated funds, and investment interest.
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Requires the fund to be kept separate from other state moneys, with deposits secured by U.S. or state obligations and investment managed according to state comptroller authority.
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Makes fund moneys available for appropriation to the Department of Economic Development to support promotion, attraction, and development of tourist travel, resort, vacation, cultural, and convention activities throughout the state.
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Takes effect immediately upon enactment.
Legislative Description
Establishes the "tourism economic development fund" to be funded with revenue from the licensing of the "I Love NY" brand; moneys from such fund shall be appropriated for the promotion, attraction, stimulation, development and expansion of tourist travel, resort, vacation, culture and convention activities in this state.
Last Action
VETOED MEMO.169
10/3/2012