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NY S02318
Bill
Status
1/16/2025
Primary Sponsor
James Skoufis
Click for details
AI Summary
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Industrial development agencies (IDAs) must implement policies to recover financial assistance, including tax exemptions, when annual project assessments reveal material shortfalls in job creation/retention or material violations of project agreement terms
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Agencies deviating from their recovery policies must adopt a resolution, document the deviation in the PARIS reporting system, retain detailed explanations in agency files, and post the resolution and explanation on their website
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Tax exemptions cannot be granted to projects already "in development" (defined as active construction with foundations/structures commenced and all permits issued), with limited exceptions
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Exceptions to the prohibition on assistance for in-development projects apply only when significant cost increases are discovered during development or when property tax reassessments significantly increase taxes
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All recovered tax exemption amounts must be redistributed to the affected local tax jurisdictions unless otherwise agreed upon
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 GOVERNMENT
1/7/2026