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NY A00030
Bill
Status
1/8/2025
Primary Sponsor
William Magnarelli
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AI Summary
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Requires industrial development agencies to implement policies for recovering financial assistance, including tax exemptions, when projects have material shortfalls in job creation/retention or material violations of project agreement terms
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Mandates that any deviation from clawback policies must be documented through a resolution, noted in the Public Authorities Reporting Information System (PARIS), and posted on the agency's website with detailed explanation
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Prohibits granting tax exemptions to projects already "in development" (defined as active construction with foundations/structures commenced and permits issued)
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Prohibits use of agency funds, financial incentives, or subsidies for projects already in development at the time of application
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Provides exceptions allowing assistance for projects in development only when significant cost increases are discovered during development or when municipal property tax reassessments cause significant tax increases
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; prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
Last Action
referred to local governments
1/7/2026