NY A04874

Creates the New York State Innovative Energy and Environmental Technology Program under the urban development corporation to award capital grants up to $100,000 to eligible small businesses for commercializing renewable energy and environmental technologies.

Defines eligible small businesses as independently owned, headquartered in New York with principal operations in-state, employing 100 or fewer persons (80% employed full-time in-state), and developing innovative energy or environmental technologies.

Limits grants to $100,000 per year per small business for working capital, equipment acquisition, or leasehold improvements necessary for product commercialization, excluding costs incurred before the law's effective date.

Requires grant applications to include market assessment, technical value explanation, job creation estimates, commercialization timeline with benchmarks, and budget justification showing why the grant is essential and cannot be obtained from other sources.

Mandates the corporation to report annually to legislative leadership on grant awards, recipients, funded projects, job creation, and project outcomes, while protecting confidential intellectual property from public disclosure.