New York S 322: Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations

Bill Text

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S00322 Summary:

BILL NOS00322 

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SAME ASSAME AS A07663

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SPONSORRYAN S

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COSPNSR

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MLTSPNSR

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Add §16-bb, amd §16-m, UDC Act

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Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.

Go to top S00322 Actions:

BILL NOS00322 

&nbsp

01/08/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS00322 Committee&nbspVotes:

Go to topS00322 Floor&nbspVotes:

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

Go to topS00322 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 322

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the urban development corporation act, in relation to
 establishing the New York state innovation voucher program

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York state innovation voucher program act".
 3 § 2. Section 1 of chapter 174 of the laws of 1968, constituting the
 4 New York state urban development corporation act, is amended by adding a
 5 new section 16-bb to read as follows:
 6 § 16-bb. New York state innovation voucher program. (1) Program estab-
 7 lished. There is hereby established a New York state innovation voucher
 8 program under the purview of the empire state development corporation.
 9 Such program shall provide small businesses with access to research and
 10 development by colleges and universities, government laboratories and
 11 public research institutes in order to assist such businesses in the
 12 creation of innovative products or services that provide job retention
 13 and expansion.
 14 (2) Definitions. For the purposes of this section, the following terms
 15 shall have the following meanings:
 16 (a) "Eligible recipient" shall mean small businesses as defined in
 17 section one hundred thirty-one of the economic development law.
 18 (b) "Eligible projects" for vouchers authorized pursuant to this
 19 section shall mean research and development projects leading to inno-
 20 vation of products or services. Eligible costs shall include, but not be
 21 limited to, the development of prototypes, field testing, engineering or
 22 other projects authorized by the corporation that enhance innovation of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 S LBD00431-01-5

 S. 322 2

 1 products or services that result in job growth and business expansion
 2 within the state.
 3 (c) "Ineligible expense" shall mean reimbursement of time spent by the
 4 employees or owners of the small business; grant or voucher application
 5 costs; routine and readily-predictable business expenses; design and
 6 production of marketing or advertising materials; basic professional
 7 services such as ongoing routine accounting, tax or legal services;
 8 building or equipment construction costs; financing fees; travel and
 9 entertainment costs; hospitality costs; and any other expenses deemed
 10 ineligible by the corporation.
 11 (d) "Research and development partner" shall mean colleges, universi-
 12 ties, state and national government laboratories, and public research
 13 institutes in New York state.
 14 (e) "Exceptionally innovative projects" shall mean projects that
 15 demonstrate a potential for substantial economic growth and job develop-
 16 ment in an emerging technology field, as defined by the corporation,
 17 through the promulgation of rules and regulations, as emerging technolo-
 18 gy fields from those fields listed in subparagraphs one, two, three,
 19 four and five of paragraph (b) of subdivision one of section thirty-one
 20 hundred two-e of the public authorities law.
 21 (3) Selection of eligible recipients. (a)