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A 1056

Relates to financial assistance from an industrial development agency; repealer

2025 Regular Session Introduced by Jon Rivera

Repeals IDA financial assistance provisions; IDAs lose authority to offer incentives, altering local development financing and affecting developers, municipalities, and taxpayers.

REFERRED TO LOCAL GOVERNMENTS
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WeVote Research Nonpartisan
Bill Summary · A 1056

Summary of New York Assembly Bill A 1056

Overview

  • Bill Number: A 1056
  • Title: Relates to financial assistance from an industrial development agency; repealer
  • Sponsor: Jonathan Rivera (primary)
  • Introduced: January 8, 2025
  • Current Status: Referred to Local Governments (two identical entries on 2025-01-08)
  • Related/Senate Companion: S 177 (companion); A 6391 (prior-session)

What the bill would do

  • The bill’s title indicates it would involve repealing provisions related to financial assistance provided by industrial development agencies (IDAs).
  • As introduced, it signals a repeal of existing statutory authority or rules governing how IDAs may offer financial assistance to development projects within their jurisdictions. The exact provisions repealed would be identified in the bill’s text.

Note: The specific sections being repealed and any transitional or implementing provisions are not provided in the summary you shared. The description below reflects typical implications of a repeal of IDA-related authorities.

Who would be affected

  • Industrial Development Agencies (IDAs): face changes to or loss of authority to provide financial assistance under the repealed provisions.
  • Local governments and municipalities: may rely on IDAs for incentives, financing tools, or project subsidies; their ability to structure or attract development could be impacted.
  • Developers and project sponsors: could experience changes in financing options, incentives, or timelines for projects previously supported by IDA assistance.
  • Taxpayers and property owners within IDA districts: potential indirect effects through shifts in development activity, tax structures (e.g., PILOTs or exemptions if those tools are affected by the repeal).

Procedural status and timeline

  • Current posture: Referred to the Committee on Local Governments. No additional actions (e.g., hearings, amendments) are listed in the provided material.
  • Timeline notes: As a new 2025 bill, it will follow the committee process; companion measures exist in the Senate (S 177), and a related prior-session Assembly bill (A 6391) may inform context or intent.

Background and context

  • The existence of a companion bill (S 177) and a prior-session related bill (A 6391) suggests ongoing consideration of IDA financing authorities and potential reform or repeal. The exact policy objectives, such as curtailing incentives, shifting to alternative programs, or increasing oversight, would become clearer with the bill’s full text and fiscal notes.

Potential impacts and considerations

  • If enacted, the repeal could reduce or eliminate certain IDA financing tools, affecting project economics, timelines, and incentives.
  • Local governments may need to adjust strategies for economic development and capital financing.
  • Stakeholders may seek clarity on transitional provisions, any new mechanisms to support development, and the implications for ongoing or planned projects.

Next steps for readers

  • Monitor the bill’s text for the specific provisions repealed.
  • Review fiscal impact statements and any proposed replacements or transitional rules.
  • Consider statements or testimony from local governments and IDAs to assess practical effects on development activities.

Compiled from official sources — confirm details with the bill’s official record.

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