New York S 4278: Enacts the HIRE NY act to provide loans through the urban development corporation for hiring by micro-businesses

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S04278 Summary:

BILL NOS04278 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSRCOMRIE, SEPULVEDA

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MLTSPNSR

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Add §16-bb, UDC Act

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Enacts the HIRE NY act to provide zero interest loans through the urban development corporation for hiring by micro-businesses with fewer than five employees.

Go to top S04278 Actions:

BILL NOS04278 

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02/03/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS04278 Committee&nbspVotes:

Go to topS04278 Floor&nbspVotes:

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

Go to topS04278 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4278

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sens. PARKER, COMRIE, SEPULVEDA -- read twice and ordered
 printed, and when printed to be committed to the Committee on Corpo-
 rations, Authorities and Commissions

 AN ACT to amend the New York state urban development corporation act, in
 relation to enacting the HIRE NY 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 "hire individuals in the real economy New York (HIRE NY) 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. The HIRE New York program. 1. Legislative intent. The legis-
 7 lature hereby finds that micro-businesses are the engines of our economy
 8 and are vital to the revitalization of communities and neighborhoods
 9 throughout the state. The legislature further finds that current law
 10 fails to motivate people to start or expand businesses. The legislature
 11 finds that it is important to spur start-up micro-businesses that have
 12 the potential to become the job engines for tomorrow's economy. The
 13 legislature further finds investments in economic development fail to
 14 provide any funding to micro-businesses. The legislature further finds
 15 that small micro-businesses with the proper incentives are poised to
 16 provide significant local job creation across the state. The legislature
 17 further finds that tax credits are not an effective job creation incen-
 18 tive for micro-businesses because many of these businesses lack the
 19 income that makes a tax credit meaningful. The legislature further finds
 20 that creation of a statewide hire New York fund will provide the needed
 21 capital for the businesses of tomorrow to grow and employ more New York-
 22 ers.
 23 2. Definitions. As used in this section, the following terms shall
 24 have the meanings indicated:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08025-01-5

 S. 4278 2

 1 (a) "Fund" means the hire New York fund as established by subdivision
 2 three of this section.
 3 (b) "Local job" means a job filled by an employee that resides within
 4 the same or an adjacent county as the applicant's place of business.
 5 For the purposes of this paragraph, for the city of New York, the adja-
 6 cent counties shall be deemed to be Nassau, Suffolk, Rockland and West-
 7 chester.
 8 (c) "Micro-business" means a business with fewer than five employees.
 9 A business that is owned in any portion by another business entity shall
 10 not qualify as a "micro-business."
 11 (d) "Micro-business qualifying new hire" means either a new full-time
 12 wage-paying local job or the equivalent of a full-time wage-paying local
 13 job requiring at least thirty-five hours per week and is filled for one
 14 year. A micro-business qualifying new hire shall not be:
 15 (i) an employee who has been transferred from employment with another
 16 business located in this state, through an acquisition, merger, consol-
 17 idation or other reorganization of businesses or the acquisition of
 18 assets of another business, or
 19 (ii) an employee who has been transferred from employment with a
 20 related person or business entity, or
 21 (iii) an employee who is hired to fill a currently existing position
 22 that resu