(District 138) announced the submission of a new piece of legislation, the ‘NY Jobs Protection Act’ (S.7627/A.9863). Commonly referred to as a ‘clawback’ provision, this proposed legislation aims to hold businesses receiving assistance from the State accountable for keeping jobs created with these incentives in New York State, and not shipped out of state. The bill would allow the NY State to recover grant funding if the recipients reduced their New York State workforce within a 5-year period of receiving the financial assistance.
“Making sure that the public’s hard earned tax dollars are spent wisely is one of the most important jobs we do as legislators. Funding spent on economic development in New York should do just that, and this legislation will provide the necessary mechanisms to hold companies accountable when they attempt to circumvent the public’s trust.” said Senator Ted O’Brien.
“This legislation brings a balanced approach to building our economy through public investment and protecting taxpayers,” added Assemblymember Bronson. “The families of our region deserve to know that when they invest their hard-earned money into any local business, that it will benefit our community. I am pleased to join Senator O’Brien in sponsoring this important taxpayer protection legislation.”
“We commend our State representatives for moving forward with legislation that not only encourages job creation for residents of New York State, but further protects the jobs we currently have,” Jim Bertolone, President of the Rochester Labor Council, AFL-CIO stated. “Appropriate measures need to be taken to ensure accountability for businesses in providing a true cost/benefit analysis and follow-through prior to accepting tax breaks from hardworking New Yorkers.”
The ‘NY Jobs Protection Act’ (S.7627/A.9863) is currently referred to the Assembly’s standing Committee on Economic Development and the Senate’s Commerce, Economic Development and Small Business Committee.
SOURCE: Jamie Romeo, Chief of Staff to Senator Ted O’Brien.