New York A 7933: Enacts the corporate accountability for tax expenditures act

Bill Text

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A07933 Summary:

BILL NOA07933 

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SAME ASNo Same As

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SPONSORKim

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COSPNSR

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MLTSPNSR

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Add Art 14 §§1401 - 1405, BC L; add Art 10-E §§3980 - 3984, Pub Auth L

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Enacts the corporate accountability for tax expenditures act; standardizes applications for state development assistance for empire zone assistance and industrial development agency 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; makes certain recapture provisions; defines relevant terms.

Go to top A07933 Actions:

BILL NOA07933 

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04/15/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA07933 Committee&nbspVotes:

Go to topA07933 Floor&nbspVotes:

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

Go to topA07933 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7933

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 15, 2025
 ___________

 Introduced by M. of A. KIM -- read once and referred to the Committee on
 Corporations, Authorities and Commissions

 AN ACT to amend the business corporation law and the public authorities
 law, in relation to enacting the "corporate accountability for tax
 expenditures act"

 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 "corporate accountability for tax expenditures act".
 3 § 2. The business corporation law is amended by adding a new article
 4 14 to read as follows:
 5 ARTICLE 14
 6 CORPORATE ACCOUNTABILITY FOR TAX EXPENDITURES
 7 Section 1401. Definitions.
 8 1402. Unified economic development budget.
 9 1403. Standardized applications for state development assist-
 10 ance.
 11 1404. State development assistance disclosure.
 12 1405. Recapture.
 13 § 1401. Definitions.
 14 As used in this article:
 15 (a) "Base years" means the first two complete calendar years following
 16 the effective date of a recipient receiving development assistance.
 17 (b) "Date of assistance" means the commencement date of the assistance
 18 agreement, which date triggers the period during which the recipient is
 19 obligated to create or retain jobs and continue operations at the
 20 specific project site.
 21 (c) "Default" means that a recipient has not achieved its job
 22 creation, job retention, or wage or benefit goals, as applicable, during
 23 the prescribed period therefor.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00909-01-5

 A. 7933 2

 1 (d) "Department" means, unless otherwise noted, the department of
 2 taxation and finance or any successor agency.
 3 (e) "Development assistance" means (1) tax credits and tax exemptions
 4 (other than given under tax increment financing) given as an incentive
 5 to a recipient business organization pursuant to an initial certif-
 6 ication or an initial designation made by the department under article
 7 eighteen-A or eighteen-B of the general municipal law;
 8 (2) all successor and subsequent programs and tax credits designed to
 9 promote large business relocations and expansions. "Development assist-
 10 ance" does not include tax increment financing, assistance provided by
 11 industrial development agencies under article eighteen-A or eighteen-B
 12 of the general municipal law pursuant to local ordinance, participation
 13 loans, or financial transactions through statutorily authorized finan-
 14 cial intermediaries in support of small business loans and investments
 15 or given in connection with the development of affordable housing.
 16 (f) "Development assistance agreement" means any agreement executed by
 17 the state granting body and the recipient setting forth the terms and
 18 conditions of development assistance to be provided to the recipient
 19 consistent with the final application for development assistance,
 20 including but not limited to the date of assistance, submitted to and
 21 approved by the state granting