Eliminates the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification as a certified minority and women-owned business enterprise; clarifies that an individual's net worth is to be considered in determining eligibility for certification under article 15-A of the executive law.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2819
SPONSOR: Bichotte TITLE OF BILL: An act to amend the executive law, in relation to
eliminating the requirement that certain minority and women-owned busi-
ness enterprise owners have a personal net worth of less than three
million five hundred thousand dollars in order to obtain certification
as a qualifying minority and women-owned business enterprise; and clari-
fying that an individual's net worth is not to be considered in deter-
mining eligibility for certification under Article 15-A of the executive
law
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to eliminate the requirement that certain
minority and women-owned business enterprise owners have a personal net
worth of less than three million five hundred thousand dollars in order
to obtain certification.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 would authorize and be subject to a physical site inspection
to verify the fifty-one percent ownership requirement and be owned by an
individual or individuals, whose ownership, control and operation are
relied upon for certification. The enterprise will also be a small busi-
ness pursuant to subdivision twenty section three hundred ten.
Section 2 states that the personal net worth of an individual shall not
be taken into account in determining certification under such article.
JUSTIFICATION:
This bill will remove the cap at $3.5 million in order to allow MWBEs to
grow as a business while reaching their full potential/capacity
PRIOR LEGISLATIVE HISTORY:
This is new legislation.
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
This act shall take effect immediately
