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NY A05491
Bill
Status
2/14/2025
Primary Sponsor
Rodneyse Bichotte Hermelyn
Click for details
AI Summary
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Requires contractors on covered projects to pay small businesses and minority-owned business enterprises (MBEs) within 10 business days of receiving an undisputed invoice
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Applies to "covered projects" where public funds comprise at least 30% of total project costs and project costs exceed $25,000
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Defines "public funds" broadly to include direct payments, tax credits, tax abatements, tax increment financing, below-market loans, and other government-provided cost savings
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Imposes interest penalties on contractors who fail to make timely payments, with contractors bearing sole responsibility for accrued interest
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Defines small businesses as New York-resident, independently owned operations with 100 or fewer employees
Legislative Description
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.
Last Action
referred to governmental operations
1/7/2026