ALBANY, 01/26 /10 – State Senator James L. Seward (R/C/I- Oneonta) today joined senate Republicans in announcing a major new jobs initiative designed to improve New York’s economy, reduce business taxes and create thousands of new jobs.
“This plan provides real incentives that will improve our economic climate and get people working,” said Senator Seward. “It includes targeted assistance that will enhance current businesses and foster new growth translating to real recovery here in New York.”
The senate Republican job initiative includes:
A three-year tax credit for every new job created;
The elimination of certain taxes for small businesses and manufacturers;
Creation of a special commission to eliminate burdensome government red tape;
A moratorium on new taxes, fees and regulations.
The plan would also rollback the income tax surcharge placed on businesses last year as part of the state budget opposed by Seward. A state spending cap to reduce government waste and help clean up the state’s tax and spend image is also included.
“The governor and other Albany leaders have been viewing our businesses as just another source for taxes and fees – a practice which needs to end,” Seward continued. “Businesses have been tightening their belts for some time. The state needs to do the same and send a message that we are ready to work together to create a real growth climate.”
Last year, New York lost 269,000 jobs despite spending billions of dollars in federal stimulus money. This year, Governor Paterson’s budget projects that another 40,000 jobs will be lost.
“With statewide unemployment at 9 percent it is clear federal stimulus spending is not being done wisely,” Seward added. “We need to invest in fundamental structural reforms that will get New Yorkers working and pay dividends for years to come.”
Business groups were quick to weigh in with praise for the senate Republican plan.
"Small business is the engine that drives most job creation in our economy--and that will grow us out of this economic mess. Lowering New York's second worst in the nation business tax climate and cost of doing business is really what small business needs to survive and grow, and that's exactly what this job creation plan will do," said Mike Elmendorf, New York State Director of the National Federation of Independent Business (NFIB), New York's leading small business advocacy association.
“This is a comprehensive plan that will help rally our state, encourage business growth and most importantly, put a paycheck in more people’s hands,” Seward concluded.