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A2819Assembly2017-2018 SessionSame asS3018

Remove Net Worth Requirement

Official title

“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”

Sponsor Rodneyse Bichotte HermelynAD-42+13 co-sponsors
Status
Vetoed
Impact
5/10
Moderate
Outcome
Vetoed

Bill progress

Vetoed

What's happening

This bill removes the personal net worth cap for minority and women-owned business owners seeking state certification in New York.

Why it matters

  1. Expanding Access. By removing the personal net worth cap, the bill allows more minority and women business owners—including those who have accumulated personal wealth—to qualify for state certification and access related programs and contracts.

  2. Addressing Equity Gaps. The change acknowledges that wealth disparities are not the sole barrier to participation; it focuses on ownership and control rather than penalizing successful individuals who have achieved higher net worth.

  3. Potential Economic Impact. With broader eligibility, more businesses could compete for state contracts, potentially stimulating greater diversity, innovation, and job creation within New York’s economy.

  4. Administrative Simplicity. Eliminating the net worth test could streamline the certification process, reducing administrative burdens and subjective assessments for both applicants and state agencies.

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Who cares

Headline styles

Remove Net Worth Requirement

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Rodneyse Bichotte Hermelyn

Assembly Member · Assembly District 42

History

  1. Tabled
  2. Vetoed memo.251
  3. Delivered to governor
  4. Returned to assembly
  5. Passed senateVote 62–0
  6. 3rd reading cal.2203
  7. Substituted for S3018
  8. Referred to rules
  9. Delivered to senate
  10. Passed assembly
  11. Advanced to third reading cal.502
  12. Reported
Show 1 earlier action
  1. Referred to governmental operations

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.

S3018Senate

Remove Wealth Cap for MWBEs

Senate Floor Calendar · Sponsor Patty Ritchie

Impact 5 · Moderate0% to pass

Full text

2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

2819

2017-2018 Regular Sessions

IN ASSEMBLY

January 23, 2017

Introduced by M. of A. BICHOTTE, SOLAGES, SEPULVEDA, SEAWRIGHT, WALKER, HOOPER, HYNDMAN, BLAKE -- read once and referred to the Committee on Governmental Operations

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

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subparagraphs (v), (vi) and (vii) of paragraph (a) of subdivision 2-a of section 314 of the executive law, as amended by chapter 175 of the laws of 2010, are amended to read as follows:

(v) be subject to a physical site inspection to verify the fifty-one percent ownership requirement; and

(vi)[be owned by an individual or individuals, whose ownership, control and operation are relied upon for certification, with a personal net worth that does not exceed three million five hundred thousand dollars, as adjusted annually for inflation according to the consumer price index; and

(vii)] be an enterprise that is a small business pursuant to subdivision twenty of section three hundred ten of this article.

§ 2. Notwithstanding any rule, regulation or guideline to the contrary, the personal net worth of an individual or individuals, whose ownership, control and operation are relied upon for certification of a business as a certified minority and women-owned business enterprise pursuant to the provisions of article 15-A of the executive law shall not be taken into account in determining certification under such article.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD01518-01-7

A. 2819 2

§ 3. This act shall take effect immediately; provided, however, that the amendments to section 314 of the executive law made by section one of this act shall not affect the expiration of such section and shall be deemed expired therewith.

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.