Newly elected Senator Fred Akshar has introduced his first three legislative proposals, entitled the “Small Business Jobs Revitalization Package,” aimed at lowering taxes and reducing costs for small businesses to keep more local dollars within our community.
“Over the past several months, I’ve traveled across the 52nd Senate District talking with our community’s small business owners and their employees trying to learn what I could do to help them succeed,” said Senator Akshar. “I’m kicking off my legislative work with bills that will begin honoring my commitment to making our community and state a better place to do business.”
For the past several years, New York has been ranked as among the very worst states in the union in terms of tax burden and business climate by various outlets, including Forbes, CNN/Money and the Tax Foundation.
“There was one thing I heard from our local businesses both big and small in each of the counties I visited,” said Akshar. “Between the taxes, red tape and the bureaucracy, New York’s not doing enough to make business owners or employees want to stay here. We need to do everything we can to change that mindset.”
The Small Business Jobs Revitalization Package includes:
S.6519 – Small Business Jobs Revitalization Act
Part A – Reduces the 9A rate for Small Businesses or farms that pay taxes as Personal Income Tax. It it caps business income taxes for small businesses making less than $500,000 and reduces taxable income for businesses making less than $600,000 per year. While the Governor has proposed something similar, Akshar’s proposal goes farther. It expands eligibility to include many more small businesses.
Part B – Repeals the downstate-centric film and production tax credits.
Part C – Directs Empire State Development Corporation to cease all advertisement and promotional activities for the START-UP NY Program.
S.6517 – Immediate Repeal of 18-A Energy Surcharge
Repealing the 18-A Energy Surcharge will directly lower utility bills for businesses. According to data from National Grid, if the energy tax was extended, the cost for a typical large business is estimated at $30,000 per year. The added cost on a typical small business would be about $540 per year. For an average household utility bills would increase by $55 per year.
S.6518 – STAR Program for Businesses
This legislation would create a STAR Property Tax Program for businesses similar to the current STAR program for homeowners. The current program provides a partial exemption from school property taxes for owners-occupied, primary residences. This bill would expand the STAR program to real property owned by qualifying businesses with 100 or fewer employees.
“Upstate small businesses need help dearly, and this package is only the first step,” said Akshar. “I’ll continue to travel and listen to business owners and stakeholders to find more ways to get New York on a better track to attracting and retaining business. There’s more to come.”
Fred Akshar also welcomes any additional input or ideas from members of the community on ways to make New York a more business-friendly state. Those with ideas are encouraged to submit them through Akshar’s website here.