Bill Text: NY A03503 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to restricting the use of economic development funds to business entities where the CEO of such business entity earns a salary which is 25 times greater than that of the lowest paid employee.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2012-05-15 - held for consideration in economic development [A03503 Detail]
Download: New_York-2011-A03503-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3503
2011-2012 Regular Sessions
I N A S S E M B L Y
January 25, 2011
___________
Introduced by M. of A. GLICK, GOTTFRIED, MAISEL -- Multi-Sponsored by --
M. of A. PHEFFER, SWEENEY, TOWNS -- read once and referred to the
Committee on Economic Development
AN ACT to amend the economic development law and the New York state
urban development corporation act, in relation to limiting the use of
economic development funds to certain corporations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The economic development law is amended by adding a new
2 section 107 to read as follows:
3 S 107. RESTRICTIONS ON ECONOMIC DEVELOPMENT FUNDING TO CERTAIN CORPO-
4 RATIONS. NO ECONOMIC DEVELOPMENT LOANS, GRANTS OR OTHER FUNDS MAY BE
5 PROVIDED UNDER THE PROVISIONS OF THIS CHAPTER TO ANY PERSON, FIRM, PART-
6 NERSHIP OR CORPORATION WHERE THE CHIEF EXECUTIVE OFFICER OF SUCH BUSI-
7 NESS ENTITY RECEIVES A SALARY, INCLUDING ALL REMUNERATION, BONUSES,
8 STOCK AND BENEFITS, WHICH IS MORE THAN TWENTY-FIVE TIMES THE AMOUNT OF
9 THE SALARY OF THE LOWEST PAID EMPLOYEE OF SUCH BUSINESS ENTITY. THE
10 SALARY OF ANY PART TIME EMPLOYEE SHALL BE DETERMINED ON A PRORATED
11 BASIS, AND CALCULATED AS IF SUCH EMPLOYEE WAS EMPLOYED FULL TIME. THE
12 COMMISSIONER SHALL REQUEST AND EXAMINE THE PAYROLL RECORDS AND ANY OTHER
13 RECORDS OF ANY BUSINESS ENTITY WHICH RECEIVES OR APPLIES FOR ANY LOAN,
14 GRANT OR ECONOMIC DEVELOPMENT FUNDING UNDER THIS CHAPTER WHICH ARE
15 NECESSARY TO DETERMINE THE SALARY AMOUNTS PURSUANT TO THIS SECTION.
16 S 2. Section 1 of chapter 174 of the laws of 1968, constituting the
17 New York state urban development corporation act, is amended by adding a
18 new section 5-a to read as follows:
19 S 5-A. RESTRICTIONS ON ECONOMIC DEVELOPMENT FUNDING TO CERTAIN CORPO-
20 RATIONS. NO ECONOMIC DEVELOPMENT LOANS, GRANTS OR OTHER FUNDS MAY BE
21 PROVIDED UNDER THE PROVISIONS OF THIS ACT TO ANY PERSON, FIRM, PARTNER-
22 SHIP OR CORPORATION WHERE THE CHIEF EXECUTIVE OFFICER OF SUCH BUSINESS
23 ENTITY RECEIVES A SALARY, INCLUDING ALL REMUNERATION, BONUSES, STOCK AND
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05952-01-1
A. 3503 2
1 BENEFITS, WHICH IS MORE THAN TWENTY-FIVE TIMES THE AMOUNT OF THE SALARY
2 OF THE LOWEST PAID EMPLOYEE OF SUCH BUSINESS ENTITY. THE SALARY OF ANY
3 PART TIME EMPLOYEE SHALL BE DETERMINED ON A PRORATED BASIS, AND CALCU-
4 LATED AS IF SUCH EMPLOYEE WAS EMPLOYED FULL TIME. THE BOARD OF DIRECTORS
5 OF THE CORPORATION SHALL REQUEST AND EXAMINE THE PAYROLL RECORDS AND ANY
6 OTHER RECORDS OF ANY BUSINESS ENTITY WHICH RECEIVES OR APPLIES FOR ANY
7 LOAN, GRANT OR ECONOMIC DEVELOPMENT FUNDING UNDER THIS ACT WHICH ARE
8 NECESSARY TO DETERMINE THE SALARY AMOUNTS PURSUANT TO THIS SECTION.
9 S 3. This act shall take effect on the first of January next succeed-
10 ing the date on which it shall have become a law.
