Bill Text: NY A07008 | 2019-2020 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07008 Detail]
Download: New_York-2019-A07008-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7008 2019-2020 Regular Sessions IN ASSEMBLY April 3, 2019 ___________ Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for certain businesses which contract with the state or political subdivisions thereof and in unre- lated contracts, also with minority and women-owned business enter- prises The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 28 to read as follows: 3 28. Minority and women-owned business employment incentive credit. (a) 4 General. A taxpayer shall be allowed a credit, to be computed as 5 provided in this subdivision, against the tax imposed by this article 6 for a certain portion of the consideration paid to a minority or women- 7 owned business enterprise pursuant to a contract for the provision of 8 goods or services. The credit provided for in this subdivision shall be 9 allowed with respect to the tax year in which the consideration is paid 10 to the minority or women-owned business enterprise. 11 (b) Definitions. For the purposes of this subdivision, the following 12 terms shall mean: 13 (i) "Government agency" means a state agency or a state authority as 14 defined in subdivision eleven of section three hundred ten of the execu- 15 tive law, or a political subdivision as defined in subdivision one of 16 section one hundred of the general municipal law. 17 (ii) "Minority or women-owned business enterprise" means a minority- 18 owned business enterprise as defined in subdivision seven of section 19 three hundred ten of the executive law or a women-owned business enter- 20 prise as defined in subdivision fifteen of section three hundred ten of 21 the executive law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04724-01-9A. 7008 2 1 (c) Computation. The credit authorized by this subdivision shall be 2 equal to one-third of all expenditures paid by the taxpayer to a minori- 3 ty or women-owned business enterprise pursuant to a contract for the 4 provision of goods and services during the tax year, provided that such 5 contract was not subject to the provisions of article fifteen-A of the 6 executive law or any other provision of law relating to the affirmative 7 action, and the taxpayer is not a minority or women-owned business 8 enterprise. Furthermore, the amount of such credit shall not exceed 9 five percent of all consideration paid to the taxpayer during the tax 10 year pursuant to contracts with government agencies for the provision of 11 goods or services. 12 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 13 of the tax law is amended by adding a new clause (xliv) to read as 14 follows: 15 (xliv) Minority and Amount of credit 16 women-owned business under subdivision 17 employment incentive twenty-eight of 18 credit under section two 19 subsection (jjj) hundred ten-B 20 § 3. Section 606 of the tax law is amended by adding a new subsection 21 (jjj) to read as follows: 22 (jjj) Minority and women-owned business employment incentive credit. 23 (1) General. A taxpayer shall be allowed a credit to be computed as 24 provided in this subsection, against the tax imposed by this article for 25 a certain portion of the consideration paid to a minority or women-owned 26 business enterprise pursuant to a contract for the provision of goods or 27 services. The credit provided for in this subsection shall be allowed 28 with respect to the tax year in which the consideration is paid to the 29 minority or women-owned business enterprise. 30 (2) Definitions. For the purposes of this subsection, the following 31 terms shall mean: 32 (i) "Government agency" means a state agency or a state authority as 33 defined in subdivision eleven of section three hundred ten of the execu- 34 tive law, or a political subdivision as defined in subdivision one of 35 section one hundred of the general municipal law. 36 (ii) "Minority or women-owned business enterprise" means a minority- 37 owned business enterprise as defined in subdivision seven of section 38 three hundred ten of the executive law or a women-owned business enter- 39 prise as defined in subdivision fifteen of section three hundred ten of 40 the executive law. 41 (3) Computation. The credit authorized by this subsection shall be 42 equal to one-third of all expenditures paid by the taxpayer to a minori- 43 ty or women-owned business enterprise pursuant to a contract for the 44 provision of goods and services during the tax year, provided that such 45 contract was not subject to the provisions of article fifteen-A of the 46 executive law or any other provision of law relating to affirmative 47 action, and the taxpayer is not a minority or women-owned business 48 enterprise. Furthermore, the amount of such credit shall not exceed 49 five percent of all consideration paid to the taxpayer during the tax 50 year pursuant to contracts with government agencies for the provision of 51 goods or services. 52 § 4. This act shall take effect on the first of January next succeed- 53 ing the date on which it shall have become a law and shall apply to tax 54 years commencing on or after such date.
