Bonacic: Senate Advances Small Business Relief Package
State Senator John J. Bonacic (R/I/C - Mount Hope) announced that the Senate has advanced legislation to help New York State’s small businesses to expand and create jobs. The package includes measures that target the biggest concerns small businesses have here in New York.
"I am pleased the Senate has put forth this package. Too many New Yorkers are leaving the State to seek jobs that provide decent wages or to start small businesses where overhead expenses and taxes are not as high," stated Senator Bonacic. "We need to provide incentives for people to start and grow their small businesses right here."
The main provisions of the legislative package are:
Eliminating the income tax and corporate franchise tax on manufacturers
which will provide $550 million in tax relief;
Providing a $350 million refundable tax credit to help small businesses
with rising energy costs;
Reducing Corporate Franchise tax rates from 7.5% to 6.85%, saving
businesses $150 million;
Creating a Small Business STAR program to provide direct rebate checks
to small businesses that pay school taxes and employ less than 20 people.
"The economic health and well-being of our communities depends on the success and stability of small businesses. In fact, the majority of new jobs created in New York are created by small businesses. Therefore, it is important that we, as elected officials provide solutions that keep our communities and businesses viable," concluded Senator Bonacic.