Senator Bill Larkin (R-C, Cornwall-on-Hudson) is cosponsoring legislation (S.6566) in the New York State Senate that would give small businesses a break on their electric bills.
The bill would create a new electric energy tax credit plan for small businesses in New York State.
"Small businesses are the backbone of the state’s economy," said Senator Larkin. "But energy costs have risen faster than many small businesses could have predicted and have become a serious problem for their financial success. This bill will help to offset these increased costs by offering a tax credit on those electric bills, and help to ensure that our small businesses will remain healthy and productive."
The legislation applies to companies with less than 20 employees. It is estimated that 386,000 businesses employing 1.4 million New Yorkers will be impacted by this plan.
The bill is expected to be taken up by the Senate shortly.