§ 16-H — The JOBS Now program is hereby created

§ 16-h. The JOBS Now program is hereby created. 1. Funds of this\nprogram, within available appropriations, shall be available to any\nregional partnership, as provided in section 3154 of the public\nauthorities law, eligible business expansion or attraction project: (a)\nJob creation grants. Proceeds from a job creation grant shall be used by\nan eligible business to pay any tax liability resulting from any tax\nimposed by the state or a local government that the business owes for\nany taxable period beginning on or after the date in which the job\ncreation grant was awarded. A job creation grant shall equal a portion,\nas determined by the urban development corporation, of the New York\nstate income tax that is withheld on the employees that were hired as a\nresult of the expansion or attraction project not to exceed one million\nfive hundred thousand dollars;\n (b) Worker training grants. Worker training grants, that are completed\npursuant to eligible expansion and attraction projects, may receive\npartial or total reimbursement of the costs associated with such\nprograms through a worker training grant if such training programs\ninclude, but are not limited to skills training and upgrading,\nproductivity enhancement and total product/service quality improvements;\n (c) Capital loans and grants. Capital loans and grants may be awarded\nif the proceeds are used for the acquisition or improvements of land,\ninfrastructure and buildings and the acquisition of machinery and\nequipment;\n (d) Interest subsidy grants. Interest subsidy grants may be awarded if\nthe proceeds of such grants are used to offset debt service costs which\nare associated with loans supplied to the business by a private lending\ninstitution; and\n (e) Working capital loan and loan guarantees. Working capital loans\nmay be awarded if the proceeds are used to cover capital-related\nexpenses such as, but not limited to, accounts receivable, inventory,\nand other expenses required to upgrade and reconfigure the competitive\nposition of the project applicant.\n 2. To be eligible for a loan or grant from the JOBS Now program, a\nregional partnership, as provided in section 3154 of the public\nauthorities law, or a business expansion or attraction project must\nresult in the creation of at least 100 new, permanent, full-time private\nsector jobs. Not more than twenty-five percent of funds appropriated for\nthis program shall be allocated for projects that create less than 300\njobs. At least seventy-five percent of funds appropriated for this\nprogram shall be allocated to projects that create at least 300 jobs.\nProvided, however, a regional partnership, as provided in section 3154\nof the public authorities law, shall be able to aggregate the total\nnumber of jobs created among more than one eligible business in order to\nmeet the job creation amounts in this subdivision. Provided further,\nhowever, that such aggregation shall be within similar industry\nclusters.\n 3. Applications for assistance pursuant to this section shall be\nreviewed and evaluated in consultation with local government officials\nand regional economic development offices pursuant to eligibility\nrequirements and criteria set forth in rules and regulations promulgated\nby the corporation. The corporation shall develop and use a standard\napplication project form.\n 4. The corporation shall, on or before March 1, 1997, submit a report\nto the governor, the temporary president of the senate and the speaker\nof the assembly on the operation and accomplishments of the assistance\nprovided pursuant to this section, including a complete inventory of\nprojects financed pursuant to this section.\n