STATE OF NEW YORK ________________________________________________________________________ 4075 2025-2026 Regular Sessions IN ASSEMBLY January 31, 2025 ___________ Introduced by M. of A. CUNNINGHAM -- read once and referred to the Committee on Economic Development AN ACT to amend the public authorities law and the economic development law, in relation to expanding employee ownership assistance for lesbi- an, gay, bisexual, transgender and non-binary individuals The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1836-a of the public authorities law, as added by 2 chapter 788 of the laws of 1983, is amended to read as follows: 3 § 1836-a. Legislative findings. The legislature hereby finds and 4 declares that the health, safety and general welfare of the people of 5 this state are directly dependent upon the state economy, and that one 6 of the principal problems of our present economy is the permanent clos- 7 ing of industrial and manufacturing plants, and their relocation out of 8 state, which results in the loss of jobs and increasing unemployment. 9 It is the purpose of this subtitle to encourage [the] employees of 10 plants that are about to be permanently closed, or relocated, to acquire 11 such plants and businesses and to continue to operate them as employee- 12 owned enterprises, thereby retaining the jobs that would otherwise be 13 lost, and strengthening the economic base of this state. 14 § 2. Paragraph (b) of subdivision 1 of section 1836-c of the public 15 authorities law, as added by chapter 788 of the laws of 1983, is amended 16 to read as follows: 17 (b) the history and circumstances of the plant or business to be 18 acquired; 19 § 3. Section 1836-d of the public authorities law, as added by chapter 20 788 of the laws of 1983, is amended to read as follows: 21 § 1836-d. Loan preferences. In approving applications for loans under 22 this subtitle, the authority shall give preference to projects which: 23 1. have a membership consisting of a majority of minority, lesbian, 24 gay, bisexual, transgender, or non-binary members; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02330-01-5
A. 4075 2 1 2. have a higher level of funding from the funding partners; 2 [2.] 3. have the most direct impact on local economic development and 3 the creation or retention of employment opportunities; 4 [3.] 4. are most likely to stimulate other private sector investments; 5 and 6 [4.] 5. are least speculative, and provide greatest assurance of 7 repayment of the loan. 8 § 4. Subdivision 7 of section 104-a of the economic development law, 9 as added by chapter 788 of the laws of 1983, is amended to read as 10 follows: 11 7. Identify [industrial and manufacturing] businesses that are in 12 danger of being permanently closed or relocated out of state, which 13 results in the loss of jobs and increasing unemployment, and assist the 14 businesses and employees of such businesses by distributing information 15 about the provisions of this section. 16 § 5. Subdivisions 3 and 4 of section 210 of the economic development 17 law, as amended by chapter 669 of the laws of 2022, are amended to read 18 as follows: 19 3. "Minority business enterprise" shall mean any business enterprise 20 which is at least fifty-one per centum owned by, or in the case of a 21 publicly owned business at least fifty-one per centum of the stock of 22 which is owned by, citizens or permanent resident noncitizens who are 23 lesbian, gay, bisexual, transgender or non-binary, Black, Hispanic, 24 Asian or American Indian, Pacific Islander or Alaskan Native where such 25 ownership interest is real, substantial and continuing and where such 26 persons have the authority to independently control the day-to-day busi- 27 ness decisions of the entity. 28 4. "Minority group member" shall mean a United States citizen or 29 permanent resident noncitizen who is and can demonstrate membership in 30 one of the following groups: 31 (a) Black persons having origins in any of the Black African racial 32 groups not of Hispanic origin; 33 (b) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, 34 Central or South American descent of either Indian or Hispanic origin, 35 regardless of race; 36 (c) Asian and Pacific Islander persons having origins in the Far East, 37 Southeast Asia, the Indian sub-continent or the Pacific Islands; or 38 (d) American Indian or Alaskan Native persons having origins in any of 39 the original peoples of North America; or 40 (e) Lesbian, gay, bisexual, transgender or non-binary. 41 § 6. This act shall take effect immediately.