STATE OF NEW YORK
________________________________________________________________________
7865
IN SENATE
May 18, 2016
___________
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance
AN ACT to amend the executive law, in relation to eliminating 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 quali-
fying minority and women-owned business enterprise; and clarifying
that an individual's net worth is not to be considered in determining
eligibility for certification under Article 15-A of the executive law
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
1 Section 1. Subparagraphs (v), (vi) and (vii) of paragraph (a) of
2 subdivision 2-a of section 314 of the executive law, as amended by chap-
3 ter 175 of the laws of 2010, are amended to read as follows:
4 (v) be subject to a physical site inspection to verify the fifty-one
5 percent ownership requirement; and
6 (vi)[be owned by an individual or individuals, whose ownership,
7 control and operation are relied upon for certification, with a personal
8 net worth that does not exceed three million five hundred thousand
9 dollars, as adjusted annually for inflation according to the consumer
10 price index; and
11 (vii)] be an enterprise that is a small business pursuant to subdivi-
12 sion twenty of section three hundred ten of this article.
13 § 2. Notwithstanding any rule, regulation or guideline to the contra-
14 ry, the personal net worth of an individual or individuals, whose owner-
15 ship, control and operation are relied upon for certification of a busi-
16 ness as a certified minority and women-owned business enterprise
17 pursuant to the provisions of article 15-A of the executive law shall
18 not be taken into account in determining certification under such arti-
19 cle.
20 § 3. This act shall take effect immediately; provided, however, that
21 the amendments to section 314 of the executive law made by section one
22 of this act shall not affect the expiration of such section and shall be
23 deemed expired therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14801-02-6