New York legislation · 2025-2026 General Assembly
New York S4240: Provides for recovery of economic development awards in cases where the recipient relocates outside the state
Status: In committee, June 5, 2026
Provides for the recovery of an economic development award in any case where a recipient relocates outside the state within five years of receiving such award; requires repayment of any such award shall be made pursuant to the timeframe specified in the award agreement.
What the bill says
An act to amend the economic development law, in relation to including among the commissioner's duties a mandate to include in all economic development subsidy agreements provisions allowing the state to recover previously issued awards from fund recipients in the event of relocation outside the state.
From the introduced text, February 3, 2025:
AN ACT to amend the economic development law, in relation to including among the commissioner's duties a mandate to include in all economic development subsidy agreements provisions allowing the state to recover previously issued awards from fund recipients in the event of relocation outside the state THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 19 of section 100 of the economic development law is amended by adding a new paragraph (c) to read as follows: (C) TO CAUSE TO BE INCLUDED IN ANY CONTRACT, AWARD AGREEMENT, MEMORANDUM OF UNDERSTANDING, LOAN AGREEMENT OR OTHER SUCH DEVICE USED TO TRANSFER MONEY OF THE STATE TO A RECIPIENT THROUGH AN ECONOMIC DEVELOPMENT PROGRAM OF THE STATE PROVISIONS REQUIRING THE REPAYMENT TO THE STATE BY A FUND RECIPIENT OF ANY AWARD IN THE EVENT THAT SUCH RECIPIENT RELOCATES OUTSIDE THE STATE WITHIN FIVE YEARS FROM THE DATE OF RECEIVING SUCH AWARD. REPAYMENT OF ANY AWARD TO THE STATE SHALL BE MADE PURSUANT TO THE TIME FRAME SPECIFIED IN THE AWARD AGREEMENT. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07906-01-5
Sponsors
- Kevin Parker (D, 21) · primary sponsor
Latest actions
- : COMMITTED TO RULES
- : ADVANCED TO THIRD READING
- : 2ND REPORT CAL.
- : 1ST REPORT CAL.1285
- : REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
- : REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
Votes
- Senate Commerce, Economic Development And Small Business Committee: COMMITTEE Vote (May 20, 2026): 9 yea, 0 nay, passed
- Commerce, Economic Development And Small Business Committee Vote (May 20, 2026): 9 yea, 0 nay, passed
Subjects: Economic Development Law
Common questions
- What is S4240?
- S4240 is a bill in the New York Legislature (2025-2026 General Assembly): Provides for recovery of economic development awards in cases where the recipient relocates outside the state.
- What does S4240 do?
- In its own words: An act to amend the economic development law, in relation to including among the commissioner's duties a mandate to include in all economic development subsidy agreements provisions allowing the state to recover previously issued awards from fund recipients in the event of relocation outside the state.
- What is the status of S4240?
- In committee as of June 5, 2026. Latest action: COMMITTED TO RULES (June 5, 2026).
- Who sponsored S4240?
- Kevin Parker (D, 21).
- Where is the official record for S4240?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/S4240
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.