NY S00884

Adds a new requirement for the Office for the Aging to cooperate with the Department of Economic Development in making recommendations to the governor and legislature on expanding encore entrepreneurship for individuals 50 years of age or older.

Establishes an advisory committee including economic development professionals, small business support specialists, senior citizen organizations, and successful encore entrepreneurs to implement encore entrepreneurship provisions.

Defines "encore entrepreneur" as a person 50 years of age or older starting a small business for the first time, and "small business" as an independently owned business located in New York employing no more than 50 persons.

Requires the Department of Economic Development to initiate and implement a program providing education and training for individuals 50 years or older transitioning to encore entrepreneurship, addressing unique issues faced by such entrepreneurs.

Takes effect 90 days after becoming law, with rule and regulation changes authorized to be implemented immediately.