A10864 — Establishes minority youth-owned business enterprises

Summary

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.

Bill Text

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Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 310 of the executive law.

• Section 310 of the executive law

  (a) (b) (c) (d) (e) (f) and . → (a) (i) (ii) (iii) (iv) (v) (vi) (b) "Minority-owned business enterprise" shall include a minority youth-owned business enterprise, provided that the provisions of subdi- vision twenty-four of this section are met. italics 24. "Minority youth-owned business enterprise" shall mean a business enterprise, including a sole proprietorship, partnership, limited liability company or corporation that is: (a) at least fifty-one percent owned by one or more minority group members belonging to tier one or tier two; (b) an enterprise in which such tier one or tier two minority owner- ship is real, substantial and continuing; (c) an enterprise in which such tier one or tier two minority owner- ship has and exercises the authority to control independently the day- to-day business decisions of the enterprise; (d) an enterprise authorized to do business in this state and inde- pendently owned and operated; (e) an enterprise owned by an individual or individuals, whose owner- ship, control and operation are relied upon for certification, with a personal net worth that does not exceed fifteen million dollars, and such other amount as the director shall set forth in regulations, as adjusted annually on the first of January for inflation according to the consumer price index of the previous year; and (f) an enterprise that is a small business pursuant to subdivision twenty of this section. 25. "Tier one" shall mean a minority group member who is sixteen or seventeen years of age and enrolled in public or private school in the state of New York that is prohibited from serving as the primary signa- tory on a state contract. 26. "Tier two" shall mean a minority group member that is fully eligi- ble to sign and execute state contracts and who is either: (a) eighteen to twenty-nine years of age; or (b) a high school senior enrolled in a public or private school in the state of New York, verified by such public or private school's adminis- tration as being on track to graduate in the current academic year. ; (n) to develop and conduct comprehensive business fundamental training programs for tier one and tier two members of minority youth-owned busi- ness enterprises which shall include but not be limited to training programs on financial literacy and business management; (o) to offer specialized coursework to tier one and tier two members of minority youth-owned business enterprises on the procurement process in the state of New York; and (p) to identify and establish mentorship opportunities to connect tier one and tier two members of minority youth-owned business enterprises with experienced business owners. Such mentorship opportunities shall be intended to provide minority youth-owned business enterprise members with ongoing guidance throughout the business development process. § 313-b. Opportunities for minority youth-owned business enterprises. 1. The following contracting agencies shall allocate twelve percent of their total discretionary spending budget to minority youth-owned busi- ness enterprises owned, operated or controlled by a tier two member: (a) the department of education; (b) the office of children and family services; (c) colleges and institutions of the state university of New York; and (d) colleges and institutions of the city university of New York, with the exception of the school of medicine of the city university of New York. 2. Any contracting agency not expressly identified in subdivision one of this section shall target a four percent participation goal for contracts performed by minority youth-owned business enterprises. 3. (a) All contracting agencies shall be authorized to award contracts up to twenty-five thousand dollars to minority youth-owned business enterprises without a formal competitive bidding process. (b) Tier two members of minority youth-owned business enterprises that have fully executed three contracts each totaling twenty-five thousand dollars in accordance with paragraph (a) of this subdivision shall be

  amended

Action History

1. April 08, 2026

   REFERRED TO GOVERNMENTAL OPERATIONS

Sponsors

• Chantel Jackson · Primary

Subjects