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.
Impact
The implementation of S01865 represents a significant amendment to New York's economic development and tax laws. This legislation would not only encourage local businesses to invest in advertising but also prevent out-of-state media from monopolizing the advertising space. The program is intended to enhance local commerce by directing business expenditure towards community media which, in turn, may support local job creation and bolster small business growth in the state. Since the benefits are targeted to specific types of businesses, it aims to foster equity within market opportunities and provide support to historically underrepresented entrepreneurs.
Summary
S01865, known as the 'Lift Our Communities Advertise Locally (LOCAL) Program', aims to provide tax incentives for advertising through local media. It introduces a tax credit designed specifically for locally owned businesses, especially those that are minority-owned, women-owned, or service-disabled veteran-owned. The program establishes that eligible businesses can receive a credit equaling 80% of qualified local media advertising expenses, with a cap of $5,000 per business annually. Each year, the total amount of tax credits issued is capped at $10 million across all eligible businesses, with specific allocations for different categories of businesses outlined in the law.
Contention
While the bill has garnered support for its intent to strengthen local businesses, some concerns have been raised regarding the implications of government support for specific business types. Critics argue that the limited scope may inadvertently create inequities among businesses not covered under the proposed tax credit program. There are also apprehensions about potential bureaucratic processes involved in certifying businesses and monitoring compliance with eligibility criteria, which could pose barriers for some small business owners.
Same As
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.
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.
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.
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.
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.
Requires that public contracts be divided by size into large, medium, small and micro contracts for the purpose of increasing opportunities for small businesses, including minority-owned business enterprises and women-owned business enterprises, to participate in state contracts.
Establishes minority youth-owned business enterprises in the state of New York and the city of New York; creates certain contracting opportunities for members of minority youth-owned business enterprises; establishes an implementation program and oversight committee for minority youth-owned business enterprises.