Senate Bill S3903

2015-2016 Legislative Session

Relates to allocation of monies under the NYS innovation venture capital fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S3903 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development
Laws Affected:
Amd Part JJ §2, Chap 59 of 2013

2015-S3903 (ACTIVE) - Summary

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.

2015-S3903 (ACTIVE) - Sponsor Memo

2015-S3903 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3903

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            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:

  Section 1. Section 2 of part JJ of chapter 59  of  the  laws  of  2013
relating  to  establishing  a  New York state innovation capital fund is
amended to read as follows:
  S 2. The New York state innovation venture capital fund. In  order  to
strengthen the university/industry connection and prepare New York busi-
nesses  to  compete  for private-sector venture investment, the New York
state urban development corporation shall have the  power  to  establish
and  administer  the  New  York state innovation venture capital fund to
provide critical seed and early-stage funding to incentivize  new  busi-
ness  formation and growth in New York state and to facilitate the tran-
sition from ideas and research to marketable  products.  Funds  will  be
expended  by  the  innovation  venture  capital  fund pursuant to a plan
developed by the urban development  corporation  and  submitted  to  the
director  of  the division of the budget, the temporary president of the
senate, the speaker of the assembly, the minority leader of  the  senate
and  the minority leader of the assembly.  No funds shall be transferred
to the New York state urban development corporation  for  the  New  York
state  innovation  venture capital fund until such plan has been submit-
ted.  OF THE AMOUNTS TRANSFERRED TO THE CORPORATION  FOR  THE  NEW  YORK
STATE  INNOVATION  VENTURE CAPITAL FUND IN ANY YEAR, FIFTY PERCENT SHALL
BE MADE AVAILABLE TO THE TECHNOLOGY  TRANSFER  AND  FACULTY  DEVELOPMENT
PROGRAMS UNDER SUBDIVISIONS THREE AND FIVE OF SECTION 209-P OF THE EXEC-
UTIVE  LAW,  EXCEPT  THAT IN THE FISCAL YEAR BEGINNING ON APRIL 1, 2015,
THE AMOUNT OF SUCH TRANSFER SHALL BE TWENTY-FIVE MILLION DOLLARS.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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