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NY S00655
Bill
Status
1/8/2025
Primary Sponsor
Liz Krueger
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AI Summary
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Requires the Department of Taxation and Finance to submit an annual unified economic development budget to the governor, senate, and assembly beginning after June 30, 2026, detailing all development assistance granted and aggregate uncollected state tax revenues from such programs
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Mandates standardized applications for state development assistance including tracking numbers, employee counts (full-time, part-time, temporary), projected job creation and retention numbers, wage information, and certifications that no material facts are misrepresented
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Requires recipients of development assistance to submit annual progress reports beginning February 1, 2027, comparing actual employment outcomes to projections and declaring compliance with assistance agreements
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Establishes mandatory recapture provisions requiring recipients who fail to meet job creation or retention goals to repay tax exemptions, grants, or loans; recipients who cease operations within five years must repay entire assistance amounts
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Authorizes suspension of current and future development assistance within 33 working days for recipients who fail to submit required progress reports, with reinstatement only upon proof of compliance
Legislative Description
Enacts the accountability for development assistance act; standardizes applications for state development assistance; requires submission of certain development assistance agreements to the department of taxation and finance; requires recipients of certain development assistance to submit progress reports which include certain information and disclosures.
Last Action
PRINT NUMBER 655A
2/23/2026