Barclay Supports Economic Development Legislation

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Assemblyman Will Barclay (R,C,I-Pulaski) today voiced his support for legislation that makes it permanent for New York State industrial development agencies (IDAs) to issue low-cost, tax-exempt bonds for not-for-profits. The law, which has been in existence since 1986, expired on Jan. 31.

“Our local IDAs have their pulse on business and community trends and have the ability and skill necessary to be able to look at the entire economic picture to determine what projects and facilities justify these type of bonds,” said Barclay.

Legislation (A.2557) would ensure that IDAs would have the ability to finance not-for-profit projects permanently. These type of bonds help support hospitals, group homes, libraries, YMCAs, colleges and senior living facilities across the state. The longer this legislation fails to be passed, the longer these not-for-profit organizations cannot plan for the future of their institutions. The bill, which is also being proposed in the Senate (S.2684), is currently in the local government committees in both houses.

“I’m urging my fellow lawmakers to make this more of a priority and move this to the Assembly floor quickly before not-for-profits have to relinquish their future plans due to financing hurdles,” said Barclay.

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