New York A 2503: Establishes a tax table benefit recapture for joint returns over $250,000, individual returns over $150,000 and head of household over $180,000

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A02503 Summary:

BILL NOA02503 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRa

&nbsp

COSPNSRBrabenec

&nbsp

MLTSPNSR

&nbsp

Add §438, amd §433, Ec Dev L

&nbsp

Relates to disclosure authorization and reporting requirements for the START-UP NY program.

Go to top A02503 Actions:

BILL NOA02503 

&nbsp

01/17/2025referred to economic development

01/07/2026referred to economic development

Go to topA02503 Committee&nbspVotes:

Go to topA02503 Floor&nbspVotes:

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

Go to topA02503 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2503

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

 Introduced by M. of A. RA, BRABENEC -- read once and referred to the
 Committee on Economic Development

 AN ACT to amend the economic development law, in relation to reporting
 requirements for the START-UP NY program

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

 1 Section 1. The economic development law is amended by adding a new
 2 section 438 to read as follows:
 3 § 438. Disclosure authorization and reporting requirements. 1. The
 4 commissioner and the department shall disclose publicly the names and
 5 addresses of the businesses located within a tax-free NY area. In addi-
 6 tion, the commissioner and the department shall disclose publicly and
 7 include in the annual report required under subdivision two of this
 8 section such other information contained in such businesses' applica-
 9 tions and annual reports, including the projected number of net new jobs
 10 to be created, as they determine is relevant and necessary to evaluate
 11 the success of this program.
 12 2. (a) The commissioner shall prepare an annual report to the governor
 13 and the legislature. Such report shall include the number of business
 14 applicants, number of businesses approved, the names and addresses of
 15 the businesses located within a tax-free NY area, total amount of bene-
 16 fits distributed, benefits received per business, number of net new jobs
 17 created, net new jobs created per business, new investment per business,
 18 the types of industries represented and such other information as the
 19 commissioner determines is necessary to evaluate the progress of the
 20 START-UP NY program.
 21 (b) Any business located in a tax-free NY area must submit an annual
 22 report to the commissioner in a form and at such time and with such
 23 information as prescribed by the commissioner in consultation with the
 24 commissioner of taxation and finance. Such information shall be suffi-
 25 cient for the commissioner and the commissioner of taxation and finance

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05699-01-5

 A. 2503 2

 1 to: (i) monitor the continued eligibility of the business and its
 2 employees to participate in the START-UP NY program and receive the tax
 3 benefits described in section thirty-nine of the tax law; (ii) evaluate
 4 the progress of the START-UP NY program; and (iii) prepare the annual
 5 report required by paragraph (a) of this subdivision. Such annual report
 6 shall also include information regarding the wages paid during the year
 7 to its employees employed in the net new jobs created and maintained in
 8 the tax-free NY area.
 9 3. The commissioner shall prepare on an annual basis a program report
 10 for posting on the department's website. The report shall be due on
 11 March first, two thousand twenty-six and on March first every year ther-
 12 eafter.
 13 § 2. Subdivision 1 of section 433 of the economic development law, as
 14 amended by section 3 of part UUU of chapter 59 of the laws of 2017, is
 15 amended to read as follows:
 16 1. In order to participate in the START-UP NY program, a business must
 17 satisfy all of the following criteria.
 18 (a) The mission and activities of the business must align with or
 19 further the academic mission of the campus, college or university spon-
 20 soring the tax-free NY area in which it seeks to locate, and the busi-
 21 ness's participation in the START-UP NY program must have positive
 22 community and economic benefits.
 23 (b) The business must