New York S 4127: Creates the New York state social impact bond initiative

Bill Text

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S04127 Summary:

BILL NOS04127 

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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 Art 5-G §§69-p - 69-t, St Fin L

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Establishes a statewide pilot program modeled after the NYC social impact bond project to lower recidivism and improve the lives of 16-18 year olds in New York's correctional facilities.

Go to top S04127 Actions:

BILL NOS04127 

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02/03/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS04127 Committee&nbspVotes:

Go to topS04127 Floor&nbspVotes:

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

Go to topS04127 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4127

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

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

 AN ACT to amend the state finance law, in relation to creating the "New
 York state social impact bond initiative"

 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 social impact bond initiative".
 3 § 2. The state finance law is amended by adding a new article 5-G to
 4 read as follows:
 5 ARTICLE 5-G
 6 NEW YORK STATE SOCIAL IMPACT BOND INITIATIVE
 7 Section 69-p. Legislative intent.
 8 69-q. Definitions.
 9 69-r. The New York state social impact bond task force.
 10 69-s. The duties and responsibilities of the task force.
 11 69-t. Social impact bond issuance.
 12 § 69-p. Legislative intent. It is the intent of the legislature to
 13 establish a statewide pilot program modeled after the New York city
 14 social impact bond project to lower recidivism and improve the lives of
 15 sixteen to eighteen year olds in New York's correctional facilities. The
 16 first statewide program of its kind in the United States, this program
 17 will create financing arrangements that aim to increase funding avail-
 18 able for preventative services through public-private partnerships.
 19 § 69-q. Definitions. "Social impact bond" shall mean a financial
 20 arrangement between one or more government agencies and an external
 21 organization that can be either a nonprofit or a for-profit entity.
 22 § 69-r. The New York state social impact bond task force. 1. There
 23 shall be hereby established a permanent task force on the New York state
 24 social impact task force.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07648-01-5

 S. 4127 2

 1 2. The task force shall have the goals of: (a) increasing the impact
 2 of state funds granted or contracted to nonprofits and for-profits; (b)
 3 improving efficiency in the grant and contracting systems and processes
 4 between state government and nonprofits and for-profits for the purpose
 5 of creating a partnership to lower recidivism and improve the lives of
 6 sixteen to eighteen year olds in New York's correctional facilities.
 7 3. The task force shall consist of at least thirteen members: (a) one
 8 of whom shall be appointed by the governor, who shall serve as the
 9 chair; (b) one of whom shall be appointed by the assembly speaker; (c)
 10 one of whom shall be appointed by the assembly minority leader; (d) one
 11 of whom shall be appointed by the senate majority leader; (e) one of
 12 whom shall be appointed by the senate minority leader; (f) one of whom
 13 shall be appointed by the department of education; (g) one of whom shall
 14 be appointed by the department of criminal justices services; (h) one of
 15 whom shall be appointed by the comptroller; (i) one of whom shall be
 16 appointed by the department of health; (j) one of whom shall be
 17 appointed by the department of labor; (k) one of whom shall be appointed
 18 by the office of mental health; (l) one of whom shall be appointed by
 19 the office of children and family services; and (m) one of whom shall be
 20 appointed by the department of financial services. Additional members
 21 may be appointed from state agencies as deemed necessary by the gover-
 22 nor.
 23 4. Appointment of all members of the task force shall be completed no
 24 later tha