New York Assembly Bill A04075

New York 2025-2026 Regular Session

• Introduced: 1/31/25
• Refer: 1/31/25
• Refer: 1/7/26

Caption

Relates to expanding employee ownership assistance for lesbian, gay, bisexual, transgender and non-binary individuals.

Summary

This bill expands New York’s employee ownership assistance program to explicitly include lesbian, gay, bisexual, transgender, and non-binary individuals and businesses. It amends the public authorities law and economic development law so that the state’s employee-ownership and business-assistance framework can support a broader set of enterprises, including businesses—not just industrial or manufacturing plants—that are at risk of permanent closure or relocation out of state. The bill also revises the criteria for loan preferences under the program. It directs the authority to favor projects with a majority LGBTQ+ membership, while still retaining existing considerations such as local economic impact, private investment leverage, and repayment security. In addition, it updates the statutory definition of “minority business enterprise” and “minority group member” to include lesbian, gay, bisexual, transgender, and non-binary individuals, which would place them within the state’s minority-business framework for purposes of economic development assistance.

Impact

If enacted, the bill would change the public authorities law and economic development law to make LGBTQ+ individuals and LGBTQ+-owned businesses eligible for preferential treatment and assistance under New York’s employee ownership and business development programs. It broadens the scope of businesses covered by the program from industrial and manufacturing plants to businesses more generally, and it adds LGBTQ+ status to the statutory definitions used to identify minority business enterprises and minority group members. The practical effect would be to expand access to state-backed loans, technical assistance, and related economic development support for qualifying enterprises and owners.

Sentiment

The bill’s framing suggests a supportive policy goal centered on economic inclusion and job retention, with no recorded committee transcript or vote history indicating formal opposition or amendment debate. Because there are no votes or hearing records provided, the available context does not show measured legislative sentiment beyond the bill’s affirmative purpose and its introduction in committee. The text itself presents the measure as an expansion of existing economic development tools rather than a new program.

Contention

The main point of contention is likely to be the explicit inclusion of LGBTQ+ individuals in the statutory definition of minority business enterprise and minority group member, which changes how state economic development preferences are allocated. Another possible issue is the bill’s preference for projects with a majority LGBTQ+ membership, which could raise questions about eligibility, prioritization, and how these preferences interact with existing minority-owned business categories. The expansion from industrial/manufacturing plants to businesses generally may also be debated as a broader use of the employee ownership assistance program.