New York S 2172: Provides small businesses with grants to commercialize energy and environmental technology innovations in-state

Bill Text

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S02172 Summary:

BILL NOS02172 

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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 §16-bb, UDC Act

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Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.

Go to top S02172 Actions:

BILL NOS02172 

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01/15/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

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

Go to topS02172 Committee&nbspVotes:

Go to topS02172 Floor&nbspVotes:

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

Go to topS02172 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2172

 2025-2026 Regular Sessions

 IN SENATE

 January 15, 2025
 ___________

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

 AN ACT to amend the New York state urban development corporation act, in
 relation to creating the New York state innovative energy and environ-
 mental technology program

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

 1 Section 1. Legislative intent. The legislature hereby finds and
 2 declares that the success of innovative energy and environmental tech-
 3 nology-oriented businesses with growth potential is essential to the
 4 continued economic health and security of New York state. It is further
 5 found that the development of new products to assist mature industries
 6 undergoing dramatic changes or facing increasing international competi-
 7 tion with reducing energy costs and complying with environmental regu-
 8 lations, can serve to retain, and even increase, employment. However,
 9 commercialization of these products is restrained as numerous small
 10 businesses are limited by lack of early stage financing.
 11 Therefore, the legislature seeks to provide early stage funds, via a
 12 grants program, to stimulate the creation of a substantial number of new
 13 businesses and jobs in the energy and environmental sectors of New
 14 York's economy.
 15 § 2. Section 1 of chapter 174 of the laws of 1968, constituting the
 16 New York state urban development corporation act, is amended by adding a
 17 new section 16-bb to read as follows:
 18 § 16-bb. New York state innovative energy and environmental technology
 19 program. 1. Definitions. As used in this section, the following words
 20 and terms shall have the following meanings:
 21 (a) "Innovative energy technologies" shall mean all methods used to
 22 produce, distribute, conserve and store energy by methods which have
 23 significant potential for commercialization, with emphasis on renewable

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05512-01-5

 S. 2172 2

 1 energy sources including, but not limited to, solar, wind, fuel cells,
 2 advanced hydroelectric, and biomass power conversion technologies.
 3 (b) "Innovative environmental technologies" shall mean technologies
 4 that advance sustainable development by reducing risk, enhancing cost-
 5 effectiveness, improving process efficiency, and creating products and
 6 processes that are environmentally beneficial or benign and which have
 7 significant potential for commercialization. Emerging environmental
 8 technologies include, but are not limited to: air, water, and soil
 9 pollution control; solid and toxic waste management; site remediation;
 10 and environmental monitoring and recycling.
 11 (c) "Small businesses" shall mean an independently owned and operated
 12 business that meets all of the following conditions: (i) headquartered
 13 in the state, and principal business operations located in the state;
 14 (ii) employs one hundred or less persons, eighty percent of whom are
 15 employed within the state on a full-time basis; and (iii) involved in
 16 developing innovative energy and environmental technologies.
 17 (d) "Eligible costs" shall mean costs associated with working capital
 18 needs, the acquisition or upgrading of equipment, or leasehold improve-
 19 ments necessary for commercialization of the product, device, technique,
 20