Establishes business franchise and personal income tax credits for consideration paid to minority or women-owned businesses.

New York A06340 amends the tax law to establish tax credits for taxpayers who contract with minority or women-owned businesses. The credit is equal to one-third of the consideration paid to such businesses, up to a maximum of $15,000 or 5% of total consideration paid to government agencies, whichever is less. The credit can be carried over to subsequent years if unused. The total credits allowed statewide are capped at $5 million per year, allocated by the commissioner.

Establishes business franchise and personal income tax credits for consideration paid to minority or women-owned businesses.

New York A06340 amends the tax law to establish tax credits for taxpayers who contract with minority or women-owned businesses. The credit is equal to one-third of the consideration paid to such businesses, up to a maximum of $15,000 or 5% of total consideration paid to government agencies, whichever is less. The credit can be carried over to subsequent years if unused. The total credits allowed statewide are capped at $5 million per year, allocated by the commissioner.