S1862

The New York State Senate passed legislation amending the Urban Development Corporation Act on a 59-1 vote, with only Sen. Skoufis voting in opposition. The bill, sponsored by Sen. Ryan and designated as Calendar Number 192, Senate Print 1862, is part of a broader package of small business support measures aimed at post-pandemic economic recovery. According to Ryan's floor remarks, the legislation increases minority and women-owned business enterprise (MWBE) participation, leverages federal grant funding with state resources, and establishes the New York State Innovation Voucher Program to connect university research capabilities with small business needs. Ryan argued the measures represent proven strategies to spur innovation, create jobs, and ensure economic opportunity across the state. The bill takes effect 180 days after becoming law.