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NY A04724
Bill
Status
2/5/2025
Primary Sponsor
D. Billy Jones
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AI Summary
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Authorizes industrial development agencies (IDAs) to provide loans and grants to eligible entities, defined as small businesses or nonprofits with 50 or fewer employees located within the agency's jurisdiction
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Caps loan and grant amounts at $25,000 maximum per eligible entity, with entities prohibited from receiving funding from more than one agency per project
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Requires IDAs to adopt uniform criteria for evaluating loan applicants, including financial viability, creditworthiness, proposed use of funds, and job retention efforts
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Mandates that outstanding loans must be repaid in full before an eligible entity can receive an additional loan from the same agency
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Exempts deferred or waived interest on program loans from state taxes and requires IDAs to maintain records on loan activity for inclusion in annual public authorities reports
Legislative Description
Relates to loans and grants by industrial development agencies; requires uniform criteria for evaluation and selection of an eligible entity for a loan; defines terms; outlines such criteria.
Last Action
enacting clause stricken
9/8/2025