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History
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to preferred source status for the purposes of procurement
Purpose
To protect jobs and help businesses located in New York State and that generate economic activity in New York State, If a business is located in New York and is bidding for a public contract, given that the business produces a product of equal quality at a competitive price, it is in the best interest of New York to award the contract to a New York domiciled business, This protects jobs and generates economic activity which in turn generates tax revenue,
Summary of provisions
Section 1. Amends section 161 of the State Finance Law to add economic nexus of the vendor to the guidelines for wise and prudent uses of public money developed by the State Procurement Council.
Section 2. Amends section 162 of the State Finance Law to add New York State based businesses as preferred sources for the purpose of public contracts, To qualify a business must have an organizational presence in New York State, generate at least 20 percent of its gross income from business conducted in the State and have at least one employee located in the State (excluding employees whose primary role is government relations).
Section 3. Amends 162 of the State Finance Law to add New York based vendors to the list of priority accorded preferred sources.
Section 4. Effective date.
Justification
New York State issues tens of billions of dollars in vendor contracts annually. A warding contracts to out of State firms is tantamount to exporting jobs out of New York State and sometimes out of the country. If a business is based in New York State, employs New Yorkers and can provide the same quality of service at a competitive price, it follows that public contracts should be awarded to that business.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Ninety days after being signed into law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.