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NY A11003
Bill
Status
9/9/2020
Primary Sponsor
William Magnarelli
Click for details
AI Summary
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Requires agencies to develop and implement policies for returning all or part of financial assistance and tax exemptions when projects show material shortfalls in job creation/retention or violate project agreement terms, with written notification to budget office if waivers are granted due to circumstances beyond agency control.
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Prohibits tax exemptions for projects already in development at the time of application, except where environmental contamination requiring significant cost increases is discovered or a municipality reassesses property resulting in over 50 percent tax increase.
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Prohibits use of agency funds, financial incentives, or subsidies for projects already in development at application time, with same exceptions for environmental contamination or property tax reassessment increases exceeding 50 percent.
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Defines "in development" as a project where active construction, including building foundation or structure erection, has already commenced.
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Requires project applicants to disclose any offers of financial assistance received from economic development corporations located outside the state.
Legislative Description
Requires the return of all or a part of the financial assistance provided for a project where the project has material shortfalls or material violations and prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
Last Action
referred to local governments
9/9/2020