Senate Bill S8171

2025-2026 Legislative Session

Establishes the contract New York program; establishes the contract New York tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-S8171 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Add Art 29 §§508 - 511, Ec Dev L; add §§50 & 185, amd §§210-B & 606, Tax L

2025-S8171 (ACTIVE) - Summary

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.

2025-S8171 (ACTIVE) - Sponsor Memo

2025-S8171 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8171
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               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:
 
   Section 1. The economic development law is amended  by  adding  a  new
 article 29 to read as follows:
                                ARTICLE 29
                         CONTRACT NEW YORK PROGRAM
 SECTION 508. DEFINITIONS.
         509. CONTRACT NEW YORK PROGRAM.
         510. CONTRACT NEW YORK REGISTRY.
         511. CONTRACT NEW YORK TAX CREDIT.
   §  508.  DEFINITIONS.  FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "EMERGING MICROBUSINESS" SHALL MEAN A BUSINESS WHICH EMPLOYS  FEWER
 THAN  FIVE PERSONS, IS AUTHORIZED TO DO BUSINESS IN THIS STATE, IS INDE-
 PENDENTLY OWNED AND OPERATED, IS NOT DOMINANT IN ITS FIELD, IS OWNED  BY
 UNITED  STATES  CITIZENS OR PERMANENT RESIDENT NONCITIZENS, HAS AT LEAST
 FIFTY-ONE PERCENT OWNERSHIP BY SOCIALLY AND  ECONOMICALLY  DISADVANTAGED
 INDIVIDUALS  AND IS SUBJECT TO A PHYSICAL SITE INSPECTION TO VERIFY SUCH
 FIFTY-ONE PERCENT  SOCIALLY  AND  ECONOMICALLY  DISADVANTAGED  OWNERSHIP
 REQUIREMENT,  AND THE DISADVANTAGED OWNERSHIP INTEREST OF WHICH IS REAL,
 SUBSTANTIAL AND CONTINUING  AND  HAS  AND  EXERCISES  THE  AUTHORITY  TO
 CONTROL  INDEPENDENTLY  THE DAY-TO-DAY BUSINESS DECISIONS OF SUCH MICRO-
 BUSINESS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13088-01-5
 S. 8171                             2
 
              

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