NY A03708

Directs the Comptroller and Commissioner of Taxation and Finance to jointly study the feasibility of creating a venture capital program within the Common Retirement Fund and a venture capital tax credit for investments in emerging diverse founding member businesses

Defines "diverse founding team member" as someone who self-identifies as a woman, non-binary, Black, African American, Hispanic, Latino/Latina, Asian, Pacific Islander, Native American, Native Hawaiian, Alaskan Native, disabled, veteran, disabled veteran, lesbian, gay, bisexual, transgender, or queer

Requires qualified organizations to have at least one diverse founding team member who owned initial shares, contributed to business development, and was not a passive investor, or who holds a leadership position such as CEO, president, CFO, or manager

Proposes that the tax credit be dollar-for-dollar for qualifying investments, with firms able to deduct up to 100 percent of their taxable income for qualified investments

Mandates a report with findings and legislative recommendations be submitted to the Governor and Legislature within one year of the act's effective date