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NY A07616
Bill
Status
4/1/2025
Primary Sponsor
Amy Paulin
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AI Summary
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Expands the definition of "renewal contract" to include new contracts providing the same or similar services as a previous contract, streamlining the contracting process for ongoing nonprofit work
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Requires automatic 25% advance payments to nonprofits within 30 days of executing new, renewal, or extension contracts, with additional quarterly advances if contract execution is delayed beyond 30 days
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Changes interest rate on late payments from the corporate tax rate to the current prime interest rate, with quarterly publication requirements by the Commissioner of Taxation and Finance
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Establishes a minimum 15% indirect cost rate for all nonprofit contracts (or the organization's federally-approved rate or actual indirect costs, whichever is higher)
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Increases the maximum loan amount from the not-for-profit short-term revolving loan fund from one-half of the first quarter payment to the full contract payment amount
Legislative Description
Relates to provisions governing contracting between state agencies and not-for-profit organizations including new, renewal, and extension contracts and advance payments and interest for such contracts; repeals provisions relating to interest payments.
Last Action
substituted by s7001
6/16/2025