STATE OF NEW YORK
________________________________________________________________________
7961
IN SENATE
March 13, 2018
___________
Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel-
opment) -- read twice and ordered printed, and when printed to be
committed to the Committee on Corporations, Authorities and Commis-
sions
AN ACT to amend the urban development corporation act, in relation to
the New York state business incubator and innovation hot spot support
act
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (c) of subdivision 2 of section 16-v of section 1
2 of chapter 174 of the laws of 1968, constituting the urban development
3 corporation act, as added by section 1 of part C of chapter 59 of the
4 laws of 2013, is amended to read as follows:
5 (c) The corporation, subject to appropriations provided for this
6 purpose, may approve and designate [five] ten New York state incubator
7 hot spots [in fiscal year two thousand thirteen-two thousand fourteen
8 and five additional New York state innovation hot spots in fiscal year
9 two thousand fourteen-two thousand fifteen]. Such designees will be
10 required to demonstrate an affiliation with and the application support
11 of at least one college, university or independent research institution,
12 and that its programs and purposes are consistent with regional economic
13 development strategies.
14 § 2. Paragraph (c) of subdivision 5 of section 16-v of section 1 of
15 chapter 174 of the laws of 1968, constituting the urban development
16 corporation act, as added by section 1 of part C of chapter 59 of the
17 laws of 2013, is amended to read as follows:
18 (c) No deduction. In addition to the foregoing requirements, an incu-
19 bator sponsor shall agree to dedicate all funds from any grants or
20 support received pursuant to this subdivision to the operations of the
21 incubator without deductions for [overhead,] indirect costs[, or facili-
22 ties and administration charges] of such sponsor. In no case shall an
23 incubator sponsor agree to provide less than eighty-five percent of all
24 funds received pursuant to this subdivision to the operations of the
25 incubator without exception.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14327-01-8
S. 7961 2
1 § 3. Subdivision 6 of section 16-v of section 1 of chapter 174 of the
2 laws of 1968, constituting the urban development corporation act, as
3 added by section 1 of part C of chapter 59 of the laws of 2013, is
4 amended to read as follows:
5 6. Other assistance. The corporation [shall] may make such other aid,
6 assistance, and resources available to New York state innovation hot
7 spots and New York state incubators and their clients as it shall deem
8 useful and appropriate for the furtherance of the purposes of this act,
9 including without limitation technical assistance, aid in marketing, aid
10 in reaching and providing entrepreneurship training opportunities to
11 such marginalized groups as those composed of individuals who are minor-
12 ity, female, disabled, or poor, and others, curriculum development, and
13 other services and resources. The corporation shall also seek assistance
14 from other state agencies in the development of procurement and market-
15 ing resources and training opportunities for New York state innovation
16 hot spots and New York state incubators and their clients.
17 § 4. Subdivision 8 of section 16-v of section 1 of chapter 174 of the
18 laws of 1968, constituting the urban development corporation act, as
19 added by section 1 of part C of chapter 59 of the laws of 2013, is
20 amended to read as follows:
21 8. New York state innovation hot spots may certify clients which meet
22 the requirements of subdivision nine of this section as qualified enti-
23 ties eligible for New York state innovation hot spot program tax bene-
24 fits pursuant to section thirty-eight of the tax law. [Under no circum-
25 stance may business enterprises of incubators designated as New York
26 state incubators under paragraph (b) of subdivision one of this section
27 be eligible for tax benefits under section thirty-eight of the tax law.]
28 Business enterprises of incubators designated as New York state incuba-
29 tors under paragraph (a) of subdivision one of this section may be
30 certified by the New York state innovation hot spot if the incubator has
31 entered into a memorandum of understanding with such hot spot establish-
32 ing a process and threshold for the provision of innovation hot spot
33 benefits to qualified enterprises or the hot spot is providing demon-
34 strable services or assistance to the business enterprise in addition to
35 those provided by the incubator.
36 § 5. This act shall take effect immediately.
