Senator Farley Announces NYS Senate Passes Job Creation & Taxpayer Protection Act
Senator Hugh T. Farley (R, C, I - Schenectady) today announced the State Senate’s passage of the Job Creation and Taxpayer Protection Act of 2011.
“This proposal is a three-part plan which encourages the creation of new private sector jobs and promotes fiscal responsibility by the State,” said Senator Farley. “These measures are essential to help revive our economy and provide relief to taxpayers.”
The Job Creation and Taxpayer Protection Act of 2011 has three pieces:
1) INCENTIVES TO CREATE NEW JOBS
The Senate passed bill S.1891 to provide businesses with a three-year tax credit of up to $5,000 for each new job created. The credit would be increased by an additional $3,000 per job if the person is taken off the unemployment rolls.
In addition, the plan would eliminate taxes for small businesses and manufacturers that pay the state’s corporate franchise tax, and would roll back the income tax surcharge. It would also place a moratorium on new taxes, fees and regulations that are killing private sector job-creation efforts in the state.
“These provisions will offer financial incentives and a positive business environment to encourage and assist businesses in expanding and
creating new jobs in this state,” said Senator Farley.
2) STATE SPENDING CAP
The Senate passed bill S.1892, which would enact a constitutional amendment that limits year-to-year State spending increases to either 120 percent of the Consumer Price Index (CPI) or 2 percent, whichever is less.
“This is the third time that the Republican Senate has sponsored and passed a State spending cap,” said Senator Farley. “This type of limit
would have prevented the dramatic growth in spending and subsequent budget deficits. Thirty other states already have some kind of a spending cap, and a similar measure in New York would help ensure fiscal responsibility and enable us to reduce taxes.”
3) SUPERMAJORITY VOTE TO RAISE TAXES
The Senate passed bill S.1919 to require that proposals to increase taxes must be passed by a two-thirds “super majority” vote in each house, rather than by a simple majority vote. Sixteen states currently require more than a majority vote to increase taxes. This bill would enact an amendment to the State Constitution.