NY S07961

Increases the number of New York state incubator hot spots that can be approved and designated from five to ten.

Removes fiscal year restrictions on the designation of hot spots, eliminating the previous limitation to fiscal years 2013-2014 and 2014-2015.

Requires incubator sponsors to dedicate at least 85 percent of all grant funds received to incubator operations without deductions for overhead, indirect costs, or facilities and administration charges.

Changes the corporation's authority from "shall" to "may" regarding provision of other assistance to innovation hot spots and incubators, including technical assistance and entrepreneurship training for marginalized groups.

Allows business enterprises of designated New York state incubators to be eligible for tax benefits under section 38 of the tax law if the incubator has a memorandum of understanding with an innovation hot spot or if the hot spot provides demonstrable additional services or assistance.