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S 4298

Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation

2025 Regular Session Introduced by Jamaal Bailey and 2 co-sponsors

Bill S 4298 requires minority and women-owned businesses to participate in new dwelling construction to qualify for local tax exemptions, promoting equity and economic growth.

REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
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Bill Summary · S 4298

Summary of Bill S 4298

Overview

Bill Number: S 4298
Title: Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation
Status: Referred to Housing, Construction and Community Development
Introduced: February 03, 2025

Purpose and Intent

Bill S 4298 aims to establish a requirement for minority and women-owned business enterprises (MWBEs) to participate in the construction and development of new multiple dwellings. The intent is to promote diversity and inclusion within the construction industry while providing tax exemptions for these new developments. By setting participation goals for MWBEs, the bill seeks to ensure equitable opportunities for these businesses in public contracting.

Key Provisions

  • Participation Goals: The bill mandates that a certain percentage of contracts for the construction of new multiple dwellings must be awarded to MWBEs. The specific percentage is not detailed in the current version of the bill but is expected to be defined in subsequent legislative discussions.

  • Tax Exemption Eligibility: New multiple dwellings that meet the MWBE participation goals will be eligible for local tax exemptions. This financial incentive is designed to encourage developers to engage MWBEs in their projects.

  • Reporting Requirements: Developers may be required to report on their efforts to meet the MWBE participation goals, ensuring accountability and transparency in the process.

Impact

  • Affected Parties: The bill primarily impacts developers of new multiple dwellings, local governments that provide tax exemptions, and MWBEs seeking opportunities in the construction sector.

  • Economic Implications: By fostering MWBE participation, the bill aims to stimulate economic growth within minority and women-owned businesses, potentially leading to job creation and increased competition in the construction industry.

Procedural Aspects

  • Legislative Process: As of February 3, 2025, the bill has been referred to the Housing, Construction and Community Development committee for further consideration. The timeline for subsequent hearings or votes has not been established.

  • Related Legislation: This bill is connected to several prior-session bills (S 7243, S 2843, S 4871, S 5285, S 6773) and has a companion bill in the Assembly (A 7106), indicating ongoing legislative interest in this area.

Conclusion

Bill S 4298 represents a significant step towards enhancing the participation of minority and women-owned businesses in the construction of new multiple dwellings. By linking tax exemptions to MWBE participation goals, the bill aims to create a more inclusive economic environment while addressing historical disparities in the construction industry. Further discussions and amendments are anticipated as the bill moves through the legislative process.

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

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