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Sponsors
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History
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Eliminates the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification
In Assembly Committee · Governmental Operations · Sponsor Rodneyse Bichotte Hermelyn
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the executive law, in relation to eliminating the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification as a qualifying minority and women-owned business enterprise; and clarifying that an individual's net worth is not to be considered in determining eligibility for certification under Article 15-A of the executive law
Purpose
To eliminate the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification.
Summary of specific provisions
Section 1 amends § 314 of the Executive Law removing the requirement that designated minority and women-owned business enterprises be owned by an individual or individuals, whose personal net worth does not exceed $3.5 million.
Section 2 provides that the personal net worth of an individual shall not be taken into account in determining certification under such article.
Section 3 provides the effective date.
Justification
This bill will remove the cap at $3.5 million in order to allow MWBEs to grow as a business while reaching their full potential and capacity.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately; provided, however, that the amendment to Section 314 of the Executive Law made by Section 1 of this act shall not affect the expiration of such section and shall be deemed expired therewith.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.