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 S04298 amends the real property tax law to establish a requirement for minority and women-owned business enterprise (MWBE) participation goals for new multiple dwellings seeking exemption from local taxation. The bill mandates that any new multiple dwelling must comply with MWBE participation goals as outlined in the executive law sections 312 and 313 to be eligible for tax exemptions. This is aimed at addressing economic disparities by ensuring that minority and women-owned businesses are included in the development process of new housing projects.
Impact
The bill will directly impact the real property tax law by introducing compliance requirements for MWBE participation in order to qualify for tax exemptions. This change is expected to promote economic equity by encouraging the involvement of minority and women-owned businesses in the construction and development of new multiple dwellings, potentially leading to increased opportunities for these businesses in the housing sector.
Sentiment
The sentiment surrounding Bill S04298 appears to be supportive among advocates for economic equity and minority business representation, as it seeks to address disparities in the housing market. However, there may be concerns from developers regarding the additional compliance requirements and potential impacts on project timelines and costs.
Contention
Notable points of contention may arise from developers who argue that the MWBE participation goals could complicate the application process for tax exemptions and increase costs. Conversely, supporters of the bill, including advocates for minority and women-owned businesses, argue that these requirements are essential for fostering inclusivity and addressing historical economic disparities in the housing sector.
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.