NY S03678

Creates a farm investment fund administered by the Empire State Development Corporation in consultation with the Department of Agriculture and Markets to provide grants to farmers for farm investments including infrastructure, equipment, marketing, and environmental management practices.

Establishes eligibility criteria requiring farmers to materially participate in agricultural production, demonstrate innovative business plans with growth potential, and develop formal business plans, with preference given to veterans, family farm successors, and farm expansion projects.

Limits individual grant awards to a maximum of $50,000 per farmer, subject to corporation guidelines and available funding.

Requires beneficiaries to repay funds if they leave New York State or cease farming activity within five years, with repaid funds returned to the investment fund.

Mandates annual reporting to the Director of the Budget and legislative leaders detailing total funds committed, applicant locations, and other relevant program information; takes effect April 1st following enactment.