Requires fifty percent of the allocation of monies under the NYS innovation venture capital fund be made available to the technology transfer and faculty development programs.
STATE OF NEW YORK
________________________________________________________________________
3903
2015-2016 Regular Sessions
IN SENATE
February 20, 2015
___________
Introduced by Sen. GOLDEN -- 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 part JJ of chapter 59 of the laws of 2013 relating to
establishing a New York state innovation capital fund, in relation to
allocation of monies under such fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2 of part JJ of chapter 59 of the laws of 2013
2 relating to establishing a New York state innovation capital fund is
3 amended to read as follows:
4 § 2. The New York state innovation venture capital fund. In order to
5 strengthen the university/industry connection and prepare New York busi-
6 nesses to compete for private-sector venture investment, the New York
7 state urban development corporation shall have the power to establish
8 and administer the New York state innovation venture capital fund to
9 provide critical seed and early-stage funding to incentivize new busi-
10 ness formation and growth in New York state and to facilitate the tran-
11 sition from ideas and research to marketable products. Funds will be
12 expended by the innovation venture capital fund pursuant to a plan
13 developed by the urban development corporation and submitted to the
14 director of the division of the budget, the temporary president of the
15 senate, the speaker of the assembly, the minority leader of the senate
16 and the minority leader of the assembly. No funds shall be transferred
17 to the New York state urban development corporation for the New York
18 state innovation venture capital fund until such plan has been submit-
19 ted. Of the amounts transferred to the corporation for the New York
20 state innovation venture capital fund in any year, fifty percent shall
21 be made available to the technology transfer and faculty development
22 programs under subdivisions three and five of section 209-p of the exec-
23 utive law, except that in the fiscal year beginning on April 1, 2015,
24 the amount of such transfer shall be twenty-five million dollars.
25 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09264-01-5
