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Bill

S 8171

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

2025 Regular Session Introduced by April Baskin

Bill S 8171 boosts New York's economy by creating the Contract New York Program, offering tax credits to small businesses that secure state contracts, fostering job growth.

REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
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Bill Summary · S 8171

Summary of Bill S 8171

Title: Establishes the Contract New York Program; Establishes the Contract New York Tax Credit
Status: Referred to Commerce, Economic Development and Small Business
Introduced: May 16, 2025
Classification: Bill

Purpose and Intent

Bill S 8171 aims to create the Contract New York Program, which is designed to enhance economic development within the state of New York. The primary intent of this legislation is to stimulate job creation and support small businesses by providing financial incentives through a new tax credit.

Key Provisions

  1. Establishment of the Contract New York Program:

    • The program will facilitate contracts between state agencies and small businesses, ensuring that a portion of state contracts is allocated to local enterprises.
    • The program aims to streamline the bidding process for small businesses, making it easier for them to compete for state contracts.

  2. Contract New York Tax Credit:

    • A tax credit will be established for small businesses that successfully secure contracts through the Contract New York Program.
    • The specifics of the tax credit, including the percentage and maximum allowable amount, will be defined in subsequent regulations.

  3. Eligibility Criteria:

    • The bill outlines eligibility requirements for businesses to qualify for the program and the associated tax credit, focusing on small businesses as defined by state standards.

  4. Implementation Timeline:

    • The bill does not specify an immediate implementation date; however, it is expected that the program will be operational within a defined period following its passage.

Potential Impact

  • Economic Growth: By prioritizing small businesses in state contracting, the bill is expected to foster economic growth and job creation within local communities.
  • Support for Small Businesses: The tax credit will provide financial relief and incentivize small businesses to engage with state contracts, potentially increasing their revenue and stability.
  • State Agency Engagement: State agencies will be encouraged to actively participate in the program, which may lead to increased collaboration with local businesses.

Legislative Process

  • As of May 16, 2025, the bill has been referred to the Commerce, Economic Development and Small Business committee for further consideration. The next steps will involve discussions, potential amendments, and voting within the committee before it can advance to the full legislative body.

This summary provides an overview of Bill S 8171, highlighting its purpose, key provisions, and potential impacts on small businesses and the economy in New York. Further developments will depend on the legislative process and committee actions.

Compiled from official sources — confirm details with the bill’s official record.

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