New York S 5060: Establishes the office of financial resilience

Bill Text

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S05060 Summary:

BILL NOS05060 

&nbsp

SAME ASSAME AS A03908

&nbsp

SPONSORSEPULVEDA

&nbsp

COSPNSRBORRELLO, COONEY

&nbsp

MLTSPNSR

&nbsp

Add §233, Ec Dev L; add §88-e, St Fin L

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Establishes a public transportation expansion fund for the purpose of ensuring access to public transportation for publicly funded economic development projects.

Go to top S05060 Actions:

BILL NOS05060 

&nbsp

02/18/2025REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

01/07/2026REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

04/29/2026REPORTED AND COMMITTED TO FINANCE

Go to topS05060 Committee&nbspVotes:

Go to topS05060 Floor&nbspVotes:

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

Go to topS05060 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5060

 2025-2026 Regular Sessions

 IN SENATE

 February 18, 2025
 ___________

 Introduced by Sens. SEPULVEDA, BORRELLO, COONEY -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Commerce, Economic Development and Small Business

 AN ACT to amend the economic development law and the state finance law,
 in relation to establishing a public transportation expansion fund

 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 "public transportation expansion fund act".
 3 § 2. The economic development law is amended by adding a new section
 4 233 to read as follows:
 5 § 233. Public transportation and infrastructure. 1. The commissioner,
 6 in conjunction with the commissioner of transportation, shall develop
 7 and jointly administer the public transportation expansion fund, as
 8 established pursuant to section eighty-eight-e of the state finance law,
 9 for the purpose of ensuring access to public transportation for publicly
 10 funded economic development projects.
 11 2. Eligibility shall be limited to transportation authorities in each
 12 economic development region incorporated under titles eleven-A through
 13 eleven-D, inclusive of article five of the public authorities law.
 14 3. Each transportation authority shall be eligible for up to five
 15 million dollars per fiscal year for the purposes of establishing new
 16 transit service to economic development projects, including improvements
 17 to authority, transportation, and omnibus facilities, purchase of equip-
 18 ment, purchase of real property, and other capital and operating
 19 expenses as jointly defined by the department of transportation and the
 20 New York state urban development corporation, subject to annual appro-
 21 priations and other funding authorized or made available for such
 22 purposes.
 23 4. As used in this section, "publicly funded economic development
 24 project" means a project receiving funding, tax credits, or incentives

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05658-01-5

 S. 5060 2

 1 through the urban development corporation, federal economic development
 2 administration, the United States department of commerce, municipal
 3 industrial development agencies, or any other political subdivision of
 4 municipal, state, or federal government.
 5 5. The commissioner, in conjunction with the commissioner of transpor-
 6 tation, shall promulgate rules and regulations necessary for the imple-
 7 mentation of this section.
 8 § 3. The state finance law is amended by adding a new section 88-e to
 9 read as follows:
 10 § 88-e. Public transportation expansion fund. 1. There is hereby
 11 established in the joint custody of the commissioner of taxation and
 12 finance and the state comptroller a special fund to be known as the
 13 "public transportation expansion fund".
 14 2. The public transportation expansion fund shall consist of all
 15 moneys appropriated thereto from any other fund or source pursuant to
 16 law. Nothing contained in this section shall prevent the state from
 17 receiving grants, gifts or bequests for the purposes of the fund as
 18 defined in this section and depositing them into the fund according to
 19 law.
 20 3. Moneys within the public transportation expansion fund shall be
 21