Loading chat...
NY A00248
Bill
Status
1/8/2025
Primary Sponsor
William Magnarelli
Click for details
AI Summary
-
Requires all state and local business incentive agreements (awards, grants, loans, tax abatements) for job training, job creation/retention, or business development to include specific terms: completion timeline, stated purpose and amount, number of jobs to be created/retained, and notice that incentives are subject to recoupment
-
Mandates full repayment with interest when recipients fail to meet agreement terms, with proportional refunds allowed (e.g., refund only for jobs not created, or one-third to two-thirds refund based on percentage of facilities developed)
-
Permits waivers of repayment when failures result from unforeseen circumstances beyond the recipient's control (such as adverse market conditions), provided there was no bad faith or fraud, with deferrals up to five years possible
-
Prohibits waivers for businesses that relocate outside New York State or move from the original incentive location to another location within the state
-
Requires annual reports starting September 1, 2025 to the governor, legislative leaders, and comptroller detailing recipients who failed to meet terms, amounts involved, repayment status, waivers granted, and recommendations
Legislative Description
Authorizes recoupment by the state or any political subdivision of financial incentives such as awards, loans, grants or tax abatements, awarded businesses for purposes of job training, job creation or retention, or the development of business operations, upon recipient's failure to complete the terms of the incentive.
Last Action
referred to governmental operations
1/7/2026