Prohibits allocation of economic development power to data centers; provides for certain caps on amounts and eligibility for industrial development agency financial assistance; provides for the return of industrial development agency-awarded financial assistance if certain job levels are not maintained within 5 years of project completion; designates the department of environmental conservation as the mandatory lead agency for environmental quality review of any action consuming over 20 megawatts; requires environmental quality review for any action within 10 miles of a federally recognized Indian nation's territory.

This bill prevents data centers from receiving economic development benefits in New York. It sets limits on financial assistance from industrial development agencies and requires that companies maintain certain job levels for five years or repay the assistance. Additionally, it mandates environmental reviews for large energy-consuming projects and those near recognized Indian territories.

Supporters of the bill argue that it prioritizes sustainable economic development by ensuring that financial assistance is tied to job creation and environmental protection. They believe it will help safeguard local communities and ecosystems from the potential negative impacts of large data centers. This legislation is seen as a proactive step toward responsible growth in New York.

Critics contend that this bill could stifle investment in New York's technology sector by making it less attractive for data centers to operate in the state. They argue that the restrictions on financial assistance and job maintenance requirements could deter job creation and economic growth. Opponents also worry that the additional regulatory hurdles could slow down development and innovation.