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S4240 • 2025

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Kevin S. Parker
Last action
2026-06-05
Official status
In Senate Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Provides for recovery of economic development awards in cases where the recipient relocates outside the state

Provides for recovery of economic development awards in cases where the recipient relocates outside the state Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; requires repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

What This Bill Does

  • Provides for recovery of economic development awards in cases where the recipient relocates outside the state Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; requires repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-06-05 Senate

    COMMITTED TO RULES

  2. 2026-05-26 Senate

    ADVANCED TO THIRD READING

  3. 2026-05-21 Senate

    2ND REPORT CAL.

  4. 2026-05-20 Senate

    1ST REPORT CAL.1285

  5. 2026-01-07 Senate

    REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

  6. 2025-02-03 Senate

    REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

Official Summary Text

Provides for recovery of economic development awards in cases where the recipient relocates outside the state
Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; requires repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.

Current Bill Text

Read the full stored bill text 
S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          4240

                               2025-2026 Regular Sessions

                                    I N  S E N A T E

                                    February 3, 2025
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment and Small Business

        AN  ACT  to amend the economic development law, in relation to including
          among the commissioner's duties a mandate to include in  all  economic
          development  subsidy  agreements  provisions  allowing  the  state  to
          recover previously issued awards from fund recipients in the event  of
          relocation outside the state

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. Subdivision 19 of section 100 of the  economic  development
     2  law is amended by adding a new paragraph (c) to read as follows:
     3    (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORAN-
     4  DUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANS-
     5  FER  MONEY  OF  THE STATE TO A RECIPIENT THROUGH AN ECONOMIC DEVELOPMENT
     6  PROGRAM OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE  BY
     7  A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES
     8  OUTSIDE  THE  STATE  WITHIN  FIVE  YEARS FROM THE DATE OF RECEIVING SUCH
     9  AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE
    10  TIME FRAME SPECIFIED IN THE AWARD AGREEMENT.
    11    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07906-01-5