Authorizes recoupment of financial incentives from businesses that fail to meet job training, job creation, or business development terms.

New York A00248 amends the executive law to allow recoupment of financial incentives such as awards, loans, grants, or tax abatements from businesses that fail to complete the terms of the incentive. The bill applies to contracts, agreements, or understandings entered into on or after a specified date. If a business fails to meet the terms, it must refund the full amount of the incentive, with certain exceptions for unforeseen circumstances. The bill also requires annual reporting on the recoupment of financial incentives.

Authorizes recoupment of financial incentives from businesses that fail to meet job training, job creation, or business development terms.

New York A00248 amends the executive law to allow recoupment of financial incentives such as awards, loans, grants, or tax abatements from businesses that fail to complete the terms of the incentive. The bill applies to contracts, agreements, or understandings entered into on or after a specified date. If a business fails to meet the terms, it must refund the full amount of the incentive, with certain exceptions for unforeseen circumstances. The bill also requires annual reporting on the recoupment of financial incentives.