NY A06708

Lowers the threshold for prevailing wage requirements on private construction projects receiving public funds from 30% to 20% of total construction costs, while maintaining the $5 million minimum project cost

Creates new triggers for prevailing wage coverage: projects receiving at least $3 million in direct public payments, or at least $5 million in aggregated public funds of any type

Eliminates the Public Subsidiary Board and transfers its guidance functions to the Department of Labor, which will now determine whether projects qualify as "covered projects"

Removes several exemptions from prevailing wage requirements, including brownfield remediation tax benefits, renewable energy projects under 5 megawatts, Downtown Revitalization Initiative projects, FRESH supermarket projects, and NYC school leases under 60,000 square feet

Requires public entities to file certifications with the Department of Labor within two days of executing funding agreements, including estimated future values of tax benefits using specified calculation methodologies