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NY A10553
Bill
Status
7/21/2016
Primary Sponsor
Michael Blake
Click for details
AI Summary
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Changes the timing for measuring small business status from "at the time of the award contracting" to "at the time of payment" for state finance law purposes.
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Redefines "small business" to require no more than 200 employees at the time of payment rather than at contract award.
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Extends the effective date of the 15-day payment requirement for state agencies paying small businesses from 365 days after enactment to March 31, 2017.
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Applies the payment requirement only to invoices received on or after the effective date of March 31, 2017.
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Requires small businesses to provide documentation upon request to confirm their status when contracting with state entities.
Legislative Description
Relates to the definition of small business; extends effectiveness relating to requiring state agencies to pay small businesses within fifteen days of receipt of an invoice.
Last Action
signed chap.160
7/21/2016