Bill > A09262

This bill establishes a tax credit for contractors who award a subcontract to a minority- or women-owned business enterprise (MWBE) or a service-disabled veteran-owned business enterprise (SDVOBE) subcontractor in furtherance of a state contract. The credit is 35% of the total amount of payments made to the qualifying subcontractor. To be eligible, the MWBE or SDVOBE subcontractor must maintain its headquarters in New York State. The credit can be carried over for up to three years if it exceeds the contractor's tax liability for the year. The bill also prohibits contractors from discharging an existing subcontractor solely to hire a qualifying subcontractor in order to claim the credit.