Bill > A03708

This bill directs the New York State Comptroller and Commissioner of Taxation and Finance to conduct a comprehensive study on establishing a venture capital program within the Common Retirement Fund and a venture capital tax credit specifically designed to support emerging businesses led by diverse founding members. The study will develop criteria for a tax credit that targets businesses with at least one "diverse founding team member," which is defined as a person who self-identifies as a woman, non-binary, Black, African American, Hispanic, Latino-Latina, Asian, Pacific Islander, Native American, Native Hawaiian, Alaskan Native, disabled, veteran, disabled veteran, or part of the LGBTQ+ community. The proposed tax credit would be dollar-for-dollar and allow firms to deduct up to 100 percent of qualified investments in these organizations. The bill requires that a detailed report with legislative recommendations be submitted to the governor and legislature within one year of the act's effective date, with the ultimate goals of ensuring equitable access to investment opportunities, promoting diversity and inclusion, and fostering the growth of diverse-led businesses in New York State.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A3708