NY A09695

Establishes the New York State Infrastructure Development Bank within the banking department with a board of five directors (two public sector, three private sector members) appointed by the governor for six-year terms.

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

Requires the bank to conduct cost-benefit analysis of projects and consider factors including job creation, workforce development for women and minorities, carbon emission reduction, environmental justice, and poverty reduction based on project type.

Appropriates $250,000,000 from the state general fund to the banking department for the bank's operations and requires annual audits and reports to the governor and legislature on projects funded.

Provides that bank bonds and obligations are exempt from state and local taxation, deemed obligations of the state backed by full faith and credit, and exempt securities under federal law; the act expires December 31, 2032.