Establishes a tax credit for contractors who award a subcontract to MWBE or SDVOBE subcontractors in furtherance of a state contract.
New York S05644 amends the tax law to establish a tax credit for contractors who award a subcontract to a qualified minority or woman-owned business enterprise (MWBE) or service-disabled veteran-owned business enterprise (SDVOBE) in furtherance of a state contract. The credit is equal to 35 percent of the total amount of payments made by the eligible taxpayer to the qualified subcontractor in the taxable year in which the credit is claimed.
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