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History
- Print number 37a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Establishes business franchise and personal income tax credits for a portion of the consideration paid under a contract with a minority or women-owned business
In Assembly Committee · Ways And Means · Sponsor Karim Camara
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S37A
Title of bill
An act to amend the tax law, in relation to establishing business franchise and personal income tax credits for certain businesses which contract with the state or political subdivisions thereof and in unrelated contracts, also with minority and women-owned business enterprises
Purpose
Establishes business franchise and personal income tax credits for a portion of the consideration paid under a contract with a minority or women-owned business.
Summary of provisions
Section 1 amends section 210 the tax law by adding a new subdivision 48 creating a business franchise tax credit for businesses that contract with both the state and, in a separate and unrelated transaction, with a women or minority owned business.
Sections 2 and 3 establish a personal income tax credit for tax payers who contract with both the state and, in a separate and unrelated transaction, with a women or minority owned business.
Section 4 establishes the effective date.
Justification
New York has been a longtime leader in the promotion of minority and women owned business enterprises ("MWBEs"). The core goals of the State's efforts are 1) equality of economic opportunities for MWBEs and 2) elimination of barriers to their participation in state contracts. The problem is that the State has focused on the latter as the sole means of achieving the former. In order to help build fully self-sustaining minority and women owned businesses, the State must also do its part to encourage private entities to contract with MWBEs. This legislation would incentivize the private sector to build long-term business relationships with MWBEs by offering business franchise and personal income tax credits for companies and individuals that contract with both MWBEs and the State. State contracts are critical for initial growth, but insufficient for long-term success. This legislation would help build grow existing MWBEs while paving the way for the next generation.
Legislative history
2011-12: S.6754
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to tax years commencing on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.