New York S04240 mandates economic development award repayment if recipient relocates outside state within five years.
New York S04240 amends the economic development law to require the inclusion of provisions in all economic development subsidy agreements. These provisions mandate the repayment of any award to the state if the recipient relocates outside the state within five years of receiving the award. The repayment must adhere to the timeframe specified in the award agreement. This act takes effect immediately.
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