April 1, 2015

Assembly Restores $19.5 Million in Funding for Economic Development Programs that Benefit Local Jobs and Economies Throughout the State in Approved 2015-16 SFY Budget

Communities with Military Installations, Science, Manufacturing and Technology Centers, Cultural and Tourism Attractions and Agricultural Operations are the Beneficiaries of Assembly Budget Restorations and Funding Support

Assembly Speaker Carl Heastie, Local Governments Committee Chair William Magnarelli and Economic Development, Commerce, Industry and Job Creation Committee Chair Robin Schimminger today announced that $19.5 million in funding restorations for economic development funding is included in the approved 2015-16 SFY Budget.

"In this budget, the Assembly continues its commitment to invest in economic development programs that benefit local economies and jobs," said Speaker Heastie. "This funding advances and builds on our economic development efforts to enhance the state's business climate and create good-paying jobs for New Yorkers."

"The economic development funds in this budget continue important programs that invest in all sectors of the state's economy, from small businesses and manufacturing companies to burgeoning hi-tech industries with the goal of creating high-paying jobs for the people of this state," said Schimminger.

"The budget restorations and funding support the Assembly provides in this budget will help many communities capitalize on their geographic assets, retain and attract businesses and boost job creation," said Magnarelli.

The 2015-16 SFY Budget will provide $19.5 million in funding restorations to programs administered through the Department of Economic Development and the Empire State Development Corporation, which includes:

This budget also provides additional funding support for many vital economic development programs, including:

Additional economic development funding restorations also include $600,000 for the Rensselaer Polytechnic Institute Smart Lighting Program; $365,000 in additional support for the Minority- and Women-Owned Business Development and Lending Program, for a total of $1 million; and $350,000 for the Veterans Entrepreneurial Assistance Program.

Among the other economic development initiatives funded in the budget are $2 million for the Bronx Children's Museum; $300,000 for the Glimmerglass Opera; $250,000 for a Finger Lakes Regional Gardening Program to provide technical assistance and support services; and $100,000 for the New York State Racing Fan Advisory Council.

The importance of New York grown food products to the state's economy is recognized in the budget with language to expand the eligibility provisions of the Real Property Manufacturing Tax Credit to farmers.

Inadvertently, farmers were excluded from this tax benefit that provides a tax credit equal to 20 percent of a manufacturer's real property tax bill. Eligibility for this newly established tax credit, which was enacted in 2014, will now be extended to qualified taxpayers who are engaged in the production and manufacture of goods, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture or commercial fishing.