S 655Enacts the accountability for development assistance act

Latest change summary

+679 / −4242 words · LargeConfidence: high

This bill comprehensively repeals New York's Accountability for Development Assistance Act framework by systematically removing all provisions that established oversight, reporting, and accountability mechanisms for state economic development assistance programs. The changes eliminate the entire definitional structure that governed development assistance programs (including definitions of recipients, state granting bodies, development assistance agreements, and job creation metrics), dismantle the annual unified economic development budget reporting system that tracked aggregate tax revenues diverted through development assistance, remove all standardized application and progress reporting requirements for assistance recipients, abolish recapture provisions that previously required repayment when recipients failed to meet capital investment or job creation/retention commitments, and eliminate transparency mechanisms including Freedom of Information Act requirements and public disclosure of program performance data. The wholesale removal of these provisions effectively ends the state's statutory framework for monitoring economic development tax credits and exemptions, tracking their fiscal impact, enforcing job creation requirements, and ensuring public accountability for development assistance programs operating under General Municipal Law articles 18-A and 18-B.