Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation.
Summary
Bill A07106 seeks to amend the real property tax law in New York by introducing a requirement for minority and women-owned business enterprise (MWBE) participation goals for new multiple dwellings to qualify for local taxation exemptions. This amendment aims to address economic disparities by ensuring that these businesses are included in the benefits associated with property tax exemptions for new housing developments. The bill outlines that any new multiple dwelling eligible for tax exemption must comply with the MWBE participation goals as stipulated in the executive law, while also allowing for waivers under certain conditions.
Impact
If enacted, this bill would modify the existing real property tax law by adding compliance requirements for MWBE participation in order to receive tax exemptions. This change could potentially increase the involvement of minority and women-owned businesses in the construction and management of new multiple dwellings, thereby promoting economic equity. The bill could also lead to an increase in administrative responsibilities for local housing agencies tasked with certifying compliance with these new requirements.
Sentiment
The general sentiment surrounding Bill A07106 appears to be supportive among its sponsors, who emphasize the importance of economic equity and inclusion of minority and women-owned businesses in the housing sector. However, there may be concerns regarding the feasibility of compliance and the potential impact on the speed of housing development, which could lead to mixed opinions among stakeholders.
Contention
Notable points of contention may arise regarding the practicality of enforcing MWBE participation goals, with some arguing that it could complicate the application process for tax exemptions. Additionally, there may be concerns from developers about the potential delays and increased costs associated with meeting these new requirements. Advocates for minority and women-owned businesses, however, argue that these measures are necessary to level the playing field in the housing market.
Same As
Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation.
Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation.
Requires contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice generated by a small business, minority-owned business enterprise or vendor management service and managed service provider on behalf of the small business or minority-owned business enterprise.
Requires contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice generated by a small business, minority-owned business enterprise or vendor management service and managed service provider on behalf of the small business or minority-owned business enterprise.
Increases the minimum required awarded to minority business enterprises from 15% to 20% and of that, requires a minimum of 10% be awarded to minority owned businesses and a minimum of 10% be awarded to women owned businesses.
Requires that certain contracts let by the office of general services be reserved for small businesses, including minority-owned business enterprises and women-owned business enterprises.
Enacts the lift our communities advertise locally (LOCAL) program which provides a tax credit on advertising for locally owned minority-owned and women-owned business enterprises, certified service-disabled veteran-owned business enterprises or a small business.