S 4240 NY
Provides for recovery of economic development awards in cases where the recipient relocates outside the state
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Summary
This bill provides for the recovery of economic development awards from recipients who relocate outside New York State within five years of receiving the award. Economic development awards are financial incentives provided by the state to businesses to encourage job creation and investment. The bill establishes that if a recipient moves their operations out of state within the five-year period, the state can require repayment of the award. Repayment must follow the timeframe specified in the original award agreement. This provision ensures accountability and protects state funds by discouraging businesses from accepting incentives and then relocating.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
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.
Sponsor (1)
- Kevin S. Parker Democratic · primary
Action history (6)
- Feb 3, 2025 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS · upper
- Jan 7, 2026 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS · upper
- May 20, 2026 1ST REPORT CAL.1285 · upper
- May 21, 2026 2ND REPORT CAL. · upper
- May 26, 2026 ADVANCED TO THIRD READING · upper
- Jun 5, 2026 COMMITTED TO RULES · upper
Full text
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