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.
Impact
The introduction of the Contract New York program is expected to bolster the growth and sustainability of microbusinesses in New York state by enhancing their access to larger corporations. By creating a public registry of emerging microbusinesses and encouraging corporations to utilize this registry, the bill promotes engagement between the corporate sector and small enterprises. This initiative aligns with broader economic development goals, making it easier for small, disadvantaged businesses to connect with potential clients and significantly grow their operations.
Summary
Bill S08171 aims to establish the Contract New York program, which is designed to provide tax credits to corporations that contract with emerging microbusinesses. The bill defines emerging microbusinesses as businesses that employ fewer than five people and are at least fifty-one percent owned by socially and economically disadvantaged individuals. Under this program, eligible contracts between corporations and microbusinesses valued between twenty-five thousand and one hundred thousand dollars will qualify for tax credits based on the corporation's payroll tax withholdings.
Contention
While the bill has strong support from proponents who argue for the necessity of supporting small businesses and enhancing economic development, it may also face criticism regarding the adequacy of the tax credits and whether they will be enough to stimulate actual growth. Additionally, the definitions and criteria set for microbusiness eligibility may spark debate among stakeholders about their sufficiency and fairness. Critics might argue that the restrictive nature of the definitions could limit access to many businesses that could benefit from the initiative.
Notable points
The program mandates that participating corporations must engage in best practices to ensure effective utilization of the registry, which includes conducting recruitment events and mixers. This requirement may foster more robust partnerships between larger companies and microbusinesses, leading to further economic inclusivity. However, concerns could arise regarding the administrative burden on corporations to comply with these practices, and whether the state will sufficiently support these initiatives to ensure their success.
Establishes the New York title guaranty program to provide title insurance for real property within the state; establishes the New York title guaranty corporation to implement the New York title guaranty program.
Establishes the New York title guaranty program to provide title insurance for real property within the state; establishes the New York title guaranty corporation to implement the New York title guaranty program.
Authorizes the urban development corporation to evaluate the geographical coverage of programs overseen by the corporation and to work with not-for-profit corporations to supplement the technical assistance needs for communities.
Authorizes the urban development corporation to evaluate the geographical coverage of programs overseen by the corporation and to work with not-for-profit corporations to supplement the technical assistance needs for communities.
Authorizes the empire state development corporation to develop a public awareness campaign promoting businesses located in New York state with an emphasis on small businesses and the need to shop in downtown local areas; requires the creation of the Buy New York Online Networking Directory to connect purchasers with businesses located in New York.
Requires a five percent tax on gross income upon every corporation which derives income from the data individuals of this state share with such corporations; establishes the New York data fund to distribute the earnings of the five percent to each taxpayer of the state.
Empowering disadvantaged state contractors” provides up-front down payments and bridge loans to socially or economically disadvantaged microbusinesses and small businesses that secure state contracts through CDFIs and non-traditional lenders