New York S 8171: Establishes the contract New York program; establishes the contract New York tax credit

Bill Text

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S08171 Summary:

BILL NOS08171 

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SAME ASNo Same As

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SPONSORBASKIN

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COSPNSR

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MLTSPNSR

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Add Art 29 §§508 - 511, Ec Dev L; add §§50 & 185, amd §§210-B & 606, Tax L

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Establishes the contract New York program to provide tax credits to corporations contracting with emerging microbusinesses; directs the department of economic development and the empire state development corporation to create and maintain a registry of emerging microbusinesses and to biannually implement best practices for engaging corporations to utilize such registry; establishes the contract New York tax credit for New York corporations with eligible contracts with emerging microbusinesses.

Go to top S08171 Actions:

BILL NOS08171 

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05/16/2025REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

01/07/2026REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

Go to topS08171 Committee&nbspVotes:

Go to topS08171 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08171 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8171

 2025-2026 Regular Sessions

 IN SENATE

 May 16, 2025
 ___________

 Introduced by Sen. BASKIN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Commerce, Economic Devel-
 opment and Small Business

 AN ACT to amend the economic development law, in relation to establish-
 ing the contract New York program; and to amend the tax law, in
 relation to establishing the contract New York tax credit

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

 1 Section 1. The economic development law is amended by adding a new
 2 article 29 to read as follows:
 3 ARTICLE 29
 4 CONTRACT NEW YORK PROGRAM
 5 Section 508. Definitions.
 6 509. Contract New York program.
 7 510. Contract New York registry.
 8 511. Contract New York tax credit.
 9 § 508. Definitions. For the purposes of this article, the following
 10 terms shall have the following meanings:
 11 1. "Emerging microbusiness" shall mean a business which employs fewer
 12 than five persons, is authorized to do business in this state, is inde-
 13 pendently owned and operated, is not dominant in its field, is owned by
 14 United States citizens or permanent resident noncitizens, has at least
 15 fifty-one percent ownership by socially and economically disadvantaged
 16 individuals and is subject to a physical site inspection to verify such
 17 fifty-one percent socially and economically disadvantaged ownership
 18 requirement, and the disadvantaged ownership interest of which is real,
 19 substantial and continuing and has and exercises the authority to
 20 control independently the day-to-day business decisions of such micro-
 21 business.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13088-01-5

 S. 8171 2

 1 2. "Eligible contract" shall mean a contract between a corporation and
 2 an emerging microbusiness valued between twenty-five and one hundred
 3 thousand dollars.
 4 § 509. Contract New York program. There is hereby established within
 5 the department a contract New York program to provide tax credits to
 6 corporations contracting with emerging microbusinesses.
 7 § 510. Contract New York registry. 1. The department and the empire
 8 state development corporation shall create and maintain a registry of
 9 emerging microbusinesses, which shall be publicly accessible and shall
 10 contain information about such emerging microbusinesses including, but
 11 not limited to, an emerging microbusiness's:
 12 (i) operational region;
 13 (ii) North American Industry Classification System (NAICS) code; and
 14 (iii) range of contract size capacity.
 15 2. The department and the empire state development corporation shall
 16 biannually implement best practices for engaging corporations to utilize
 17 the contract New York registry. Such best practices may include, but
 18 shall not be limited to, recruitment, surveys, and corporation and
 19 microbusiness mixers.
 20 § 511. Contract New York tax credit. 1. A New York corporation with an
 21 eligible contract with an emerging microbusiness on the contract New