NY A07010

Expands the definition of "minority-owned business enterprise" for state contracting purposes to include businesses with employee stock ownership plans (ESOPs)

Qualifies ESOP businesses as minority-owned if at least 51% of employees participating in the stock ownership plan are minority group members

Defines "employee stock ownership plan" as an employee benefit plan providing workers ownership interest in a business through shares of stock

Maintains existing criteria for traditional minority-owned businesses, including 51% minority ownership, $15 million personal net worth cap, and small business status requirements

Takes effect immediately upon enactment