Extends the reporting deadline of the advisory panel on employee-owned enterprises from June 30, 2024 to June 30, 2025; extends for one year the advisory panel on employee-owned enterprises which is tasked with reporting and making recommendations on how best to support such businesses and promote the formation and growth of new employee-owned enterprises in New York state.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9969
SPONSOR: Stirpe TITLE OF BILL:
An act to amend the economic development law, in relation to extending
the reporting deadline of the advisory panel on employee-owned enter-
prises; and to amend chapter 435 of the laws of 2017 amending the
economic development law relating to establishing an advisory panel on
employee-owned enterprises within the division of small business
services, in relation to the effectiveness thereof
PURPOSE:
This bill would extend for one year the advisory panel on employee-owned
enterprises which is tasked with reporting and making recommendations on
how best to support such businesses and promote the formation and growth
of new employee-owned enterprises in New York State.
SUMMARY OF PROVISIONS:•
This bill would extend for one year the advisory panel within the
Department of Economic Development for the purpose of reviewing state
taws and programs in order to report and make recommendations on how to
support and promote employee-owned enterprises in New York State. The
panel would also be required to issue a report no later than June 30,
2025, with its findings.
JUSTIFICATION:
Employee-owned enterprises provide stability and staying power for local
jobs. Employee-owned enterprises are far less likely to move out of
state, or even out of the local region, because of the roots the employ-
ees of these enterprises have in the areas they work and live. Studies
have found that wages, sales, productivity, and retirement plans for
employee-owned enterprises are higher than those of comparable, private-
ly owned corporations. As an increasing number of small business owners
reach retirement, many employees fear they may lose their job or have to
relocate when a small business owner retires and sells their company.
PRIOR LEGISLATIVE HISTORY:
New Bill.
FISCAL IMPLICATIONS:
None.
STATE OF NEW YORK
________________________________________________________________________
9969
IN ASSEMBLY
April 30, 2024
___________
Introduced by M. of A. STIRPE -- read once and referred to the Committee
on Economic Development
AN ACT to amend the economic development law, in relation to extending
the reporting deadline of the advisory panel on employee-owned enter-
prises; and to amend chapter 435 of the laws of 2017 amending the
economic development law relating to establishing an advisory panel on
employee-owned enterprises within the division of small business
services, in relation to the effectiveness thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 5 of section 139 of the economic development
2 law, as amended by chapter 159 of the laws of 2023, is amended to read
3 as follows:
4 5. Reporting. The advisory panel shall issue a report no later than
5 June thirtieth, two thousand [twenty-four] twenty-five outlining the
6 findings and recommendations of the panel. The report shall be delivered
7 to the governor, the speaker of the assembly, the temporary president of
8 the senate, the minority leader of the assembly, the minority leader of
9 the senate, the chair of the assembly committee on ways and means, the
10 chair of the senate committee on finance, the chair of the assembly
11 committee on economic development, the chair of the assembly committee
12 on small business, the chair of the senate committee on commerce,
13 economic development, and small business, the chair of the assembly
14 committee on labor, and the chair of the senate committee on labor.
15 § 2. Section 2 of chapter 435 of the laws of 2017 amending the econom-
16 ic development law relating to establishing an advisory panel on employ-
17 ee-owned enterprises within the division of small business services, as
18 amended by chapter 159 of the laws of 2023, is amended to read as
19 follows:
20 § 2. This act shall take effect immediately and shall expire October
21 1, [2024] 2025 when upon such date the provisions of this act shall be
22 deemed repealed.
23 § 3. This act shall take effect immediately; provided that the amend-
24 ments to subdivision 5 of section 139 of the economic development law
25 made by section one of this act shall not affect the repeal of such
26 section and shall be deemed repealed therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15112-02-4
