Senate Passes Package of Bills to Support Small Businesses

Senator Joseph P. Addabbo, Jr., joined his Senate colleagues, to pass a package of bills to support NY’s small businesses by providing crime prevention programs, offering tax-deferred cost saving measures and expanding public participation in rule-making decisions before the state.

“Small businesses are a critical part of the fabric making up our communities. Their economic importance and local job opportunities are extremely important. The business’ input is invaluable whether it relates to new ventures, business incentives, regulations or neighborhood projects,” said Senator Joseph P. Addabbo, Jr. “With this Senate bill package, small business owners will one day have the necessary tools to better protect their business at little to no cost and greater access to participate in rule-making decisions before the state.”

The package of bills passed by the Senate:

·         Provides the organizational and financial resources needed to deliver cost-effective crime prevention programs to New York's small businesses, to the benefit of the wider community (S.1087, Co-sponsor);

·         Enhances the ability of businesses and the public to participate more meaningfully in the rule-making process by permitting agencies to use innovative techniques in organizing public hearings on proposed rules. It also establishes a 3-year pilot project for seven major regulatory agencies to hold public hearings upon petition of 125 or more New York residents. (S.1265, Co-sponsor);

·         Allows small businesses to make contributions into a small business, tax-deferred savings account for tax-free withdrawal during times of specified economic hardship, for the purpose of job retention or creation, or times where the Governor deems it a natural disaster to warrant assistance from the federal government (S.3163);

After the economic downturn of 2008, more than 170,000 small businesses closed their doors for good and those who survived still struggle to get loans and credit to help stay afloat.

“Small business owners often reside within the communities where their businesses are located. Their success is essential in creating vibrant communities and a competitive marketplace. I am proud to continue to support initiatives that promote small business,” Addabbo added,

The package of bills were delivered to the Assembly.