Bill > A02719

This bill 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 enterprise. The credit is equal to one-third of the expenditures paid to such a business, up to a maximum of $15,000 or 5% of the total consideration paid to the taxpayer under contracts with government agencies. The aggregate amount of tax credits allowed under this bill and a related provision in the tax law is $5 million per calendar year, to be allocated by the commissioner. The bill applies to tax years beginning on or after the effective date of January 1 following the date the bill becomes law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/A2719