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Legislative Memo

Ken Pokalsky
Vice President of Government Affairs
T 518.465.7511
www.bcnys.org

BILL:

S.6870 (Savino) / A.8203-A (Ryan)

Support

SUBJECT:

“JOBS Act of 2014”

 

DATE:

May 28, 2014

 

The Business Council opposes this legislation that would impose significant additional procedural and substantive requirements on economic development assistance provided by state and local public authorities. While the stated intent of the bill is to assess the effectiveness of public authority economic development programs, it disregards existing reporting and oversight provisions, as well as existing statutory provisions applicable to specific economic development programs that would be governed by this legislation. Moreover, a number of its provisions would impose broad and/or vague new criteria on economic development projects, adding unnecessary time and uncertainty to the state's economic development efforts.

As a result, rather than establishing a workable, effective oversight regime, this bill would likely reduce the effectiveness of public authority assistance programs by dis-incentivizing their use by private sector investors.

Key concerns include the following:

We share the sponsor's goal of promoting job growth and new investment in the state, and assuring that state financial assistance programs are both effective and efficient in supporting those objectives.

However, we believe this proposed legislation would do more harm than good, by adding delays, costs and uncertainty to the state's economic development assistance approval process.

For these reasons, The Business Council opposes adoption of S.6870.