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A11018 Summary:

BILL NOA11018
 
SAME ASNo Same As
 
SPONSORRules (Kim)
 
COSPNSRVanel, Thiele, Jean-Pierre, Fahy, Mosley, Dickens, Hyndman, Taylor, Arroyo, Cook, Epstein, D'Urso, Bichotte, Peoples-Stokes, Rivera
 
MLTSPNSR
 
Amd 16-m, UDC Act
 
Relates to creating pilot programs to incentivize consumers to buy locally; up to ten pilot projects may be created in regions across the state that incorporate the principles of community currency or local community dollars.
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A11018 Actions:

BILL NOA11018
 
05/31/2018referred to economic development
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A11018 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          11018
 
                   IN ASSEMBLY
 
                                      May 31, 2018
                                       ___________
 
        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Kim, Vanel,
          Thiele) -- read once and referred to the Committee on Economic  Devel-
          opment
 
        AN ACT to amend the New York state urban development corporation act, in
          relation  to  creating  pilot programs to incentivize consumers to buy
          locally
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 1 of section 16-m of section 1 of chapter 174
     2  of the laws of 1968, constituting the New York state  urban  development
     3  corporation  act,  is  amended  by adding a new paragraph (o) to read as
     4  follows:
     5    (o) loans and grants to businesses, not-for-profits  and  other  enti-
     6  ties,  on  a  competitive  basis  to finance up to ten pilot projects in
     7  regions across the state that incorporate the  principals  of  community
     8  currency  or  local  community  dollars. Such loans and grants shall not
     9  exceed more than three  hundred  thousand  dollars  for  any  one  pilot
    10  program. For the purposes of this paragraph, community currency shall be
    11  limited  to,  crypto-currencies  that  are approved by the department of
    12  financial services. Such community currency shall be issued  and  regis-
    13  tered  at  the municipal level for use at local participating businesses
    14  for goods and services. Such community currencies pilot  programs  shall
    15  actively encourage the participation of local businesses and shall oper-
    16  ate  under  the premise that local residents and businesses can exchange
    17  United States currency for community currencies at  local  participating
    18  vendors, who may offer discounts for the community currency to encourage
    19  use  and  vitality of such program.  Such community currency may be used
    20  or traded at participating businesses in the community to promote  money
    21  being  circulated in the local economy and to encourage consumers to buy
    22  locally.
    23    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16136-01-8
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