New York S 5508: Relates to prohibiting compensation for certain auditing services on a contingent basis

Bill Text

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S05508 Summary:

BILL NOS05508 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §3102-h, Pub Auth L

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Relates to incubators for entrepreneurial development.

Go to top S05508 Actions:

BILL NOS05508 

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02/24/2025REFERRED TO INTERNET AND TECHNOLOGY

01/07/2026REFERRED TO INTERNET AND TECHNOLOGY

Go to topS05508 Committee&nbspVotes:

Go to topS05508 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05508 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5508

 2025-2026 Regular Sessions

 IN SENATE

 February 24, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Internet and Technology

 AN ACT to amend the public authorities law, in relation to the New York
 incubator network

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative intent. The legislature hereby recognizes that
 2 supporting a statewide network of university affiliated business incuba-
 3 tors, selected on a competitive basis that maintain not only physical
 4 facilities but also most current industry best practice business devel-
 5 opment services is a cost effective approach to supporting start-up and
 6 early stage companies and helping the state's creative entrepreneurs
 7 successfully transition technological breakthroughs with commercial
 8 potential from the laboratory to the marketplace. This investment in
 9 university affiliated business incubators will support regional develop-
 10 ment and local economic diversification, job creation, and the retention
 11 of the state's vast resources of intellectual capital.
 12 § 2. The public authorities law is amended by adding a new section
 13 3102-h to read as follows:
 14 § 3102-h. New York incubator network. The foundation is authorized to
 15 designate ten incubators as part of the New York incubator network. Such
 16 designations shall be made in accordance with the standards and criteria
 17 set forth in subdivision two of this section and will last for a period
 18 of five years. Incubators so designated shall be eligible for support
 19 from the foundation in the manner provided for in subdivision three of
 20 this section, and for such additional support as may otherwise be
 21 provided by law.
 22 1. As used in this section: (a) "incubator" or "incubate" means a
 23 university or university-affiliated research institute or a consortium
 24 of such institutions, designated by the foundation, which provides

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07051-01-5

 S. 5508 2

 1 services and facilities to entrepreneurs during the start-up phase of
 2 their company life-cycle.
 3 (b) "applicant" means a university, a university-affiliated research
 4 institute or independent not-for-profit incubator established for the
 5 purpose of development of entrepreneurial companies through providing
 6 business support resources for entrepreneurs during the start-up period.
 7 2. The foundation shall:
 8 (a) identify areas for which incubators should be designated including
 9 areas that are related to industries with significant potential for
 10 economic growth and development in New York state and technological
 11 areas that are related to the enhancement of productivity in various
 12 industries located in New York state.
 13 (b) locate incubators, in each of the ten economic development regions
 14 to the extent possible in areas where there is not already significant
 15 support for business incubation.
 16 (c) establish criteria that applicants must satisfy for designation as
 17 an incubator, including, but not limited to the following:
 18 (i) an established record of, or plan to conform to, best practices
 19 including clear policies for business entry and graduation;
 20 (ii) a comprehensive suite of entrepreneurial mentoring practices
 21 including advising, coaching, planning and connecting to funding sourc-
 22 es;
 23 (iii) the capacity to secure substantial private and other govern-
 24 mental funding for the proposed incubator, in amounts at least equal to
 25 t