BALL & CASTELLI INTRODUCE COMPREHENSIVE PLAN TO PUT NEW YORK BACK TO WORK
Mt. Kisco, N.Y. – 9/14/2012 – Senator Greg Ball (Patterson – R, C) on Friday hosted a press conference to demand action by the State Assembly on the Senate’s Jobs Plan. This comprehensive plan will help create tens of thousands of new private sector jobs by delivering tax relief to small businesses and manufacturers, reducing energy costs, and enacting major fiscal reforms to make New York State more economically competitive.
“With Governor Cuomo’s leadership and effective, bipartisan cooperation we are finally headed in the right direction, but we have to do even more to allow businesses to do what they do best, create jobs,” said Senator Greg Ball. “New York State has created an openly hostile environment for small business owners over time, and we must reverse that climate one tax, regulation, fee and bureaucratic headache at a time. This comprehensive jobs plan, passed by the Senate and awaiting action in the Assembly, will cut taxes on small businesses to put more money back into the pockets of small businessmen and women. We are working every day in a bi-partisan effort to get government out of the way so business owners can do what they do best, which is create sustainable jobs, but the Assembly now needs to step up and get the job done.”
“For many years now, the New York State legislature has been a barrier to the creation, sustainability and growth of businesses in New York,” Assemblyman Robert Castelli said. “This bill will unshackle business-owners and give them the incentive to remain and continue to invest in New York.”
The 2012 NEW JOBS NY job creation bill (S7448) includes the following:
- Eliminating Taxes on New York Manufacturers: The plan would spur creation of thousands of manufacturing jobs by eliminating income taxes paid by manufacturers over a three year period ($495 million in tax relief).
- 20 Percent Corporate Tax Cut for Small Businesses: This cut in the corporate tax rate will save nearly 200,000 small businesses $49 million.
- 10 Percent Personal Income Tax Credit for Small Businesses: This tax cut would save 800,000 small businesses $80 million.
- Significant Energy Tax Cut: The legislation accelerates the phase-out of the 500 percent energy tax hike Senate Democrats previously approved in 2009.
- New Incentives for Each New Job Created: The bill includes new job creating incentives that would give businesses a tax credit of up to $5,000 for each new job they create; up to an $8,000 credit if the new job goes to someone on unemployment; up to a $10,000 credit if a business hires a returning military veteran.
In conjunction with the New Jobs NY creation bill, Senator Ball is also pushing private-public partnership legislation (PPP). The P3 legislation will allow the private sector to invest in critical infrastructure to accelerate job creating projects such as the Tappan Zee Bridge.
“New York is the capitol of capital and our current inability to proactively fund vital infrastructure projects, small and large, is simply inexcusable. Public-private partnerships (P3’s) would better enable New York to finance public work projects, such as the transit portion of the Tappan Zee Bridge, while reducing the burden on federal, state and local taxpayers as well as commuters and ratepayers,” said Senator Greg Ball. “We live in a powerful state that is home to the greatest financial market in the world. The search for federal debt based funds and our clamoring to finance the transit option on the Tappan Zee Bridge is symptomatic of a previous lack of both creative thinking and innovative finance models. It’s time to change all of that by supplying the Governor with these new helpful tools.”
For more information or to speak with Senator Ball, please contact Joe Bachmeier at (845) 200 9716.