Eliminates the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification as a certified minority and women-owned business enterprise; clarifies that an individual's net worth is to be considered in determining eligibility for certification under article 15-A of the executive law.
S T A T E O F N E W Y O R K
________________________________________________________________________
9774
I N A S S E M B L Y
April 7, 2016
___________
Introduced by M. of A. BICHOTTE -- read once and referred to the Commit-
tee on Governmental Operations
AN ACT to amend the executive law, in relation to eliminating the
requirement that certain minority and women-owned business enterprise
owners have a personal net worth of less than three million five
hundred thousand dollars in order to obtain certification as a quali-
fying minority and women-owned business enterprise; and clarifying
that an individual's net worth is not to be considered in determining
eligibility for certification under Article 15-A of the executive law
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subparagraphs (v), (vi) and (vii) of paragraph (a) of
subdivision 2-a of section 314 of the executive law, as amended by chap-
ter 175 of the laws of 2010, are amended to read as follows:
(v) be subject to a physical site inspection to verify the fifty-one
percent ownership requirement; AND
(vi)[be owned by an individual or individuals, whose ownership,
control and operation are relied upon for certification, with a personal
net worth that does not exceed three million five hundred thousand
dollars, as adjusted annually for inflation according to the consumer
price index; and
(vii)] be an enterprise that is a small business pursuant to subdivi-
sion twenty of section three hundred ten of this article.
S 2. Notwithstanding any rule, regulation or guideline to the contra-
ry, the personal net worth of an individual or individuals, whose owner-
ship, control and operation are relied upon for certification of a busi-
ness as a certified minority and women-owned business enterprise
pursuant to the provisions of article 15-A of the executive law shall
not be taken into account in determining certification under such arti-
cle.
S 3. This act shall take effect immediately; provided, however, that
the amendments to section 314 of the executive law made by section one
of this act shall not affect the expiration of such section and shall be
deemed expired therewith.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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