NEWS FROM NEW YORK STATE ASSEMBLY
MINORITY LEADER JAMES N. TEDISCO

Contact: Phil Oliva, (518) 455-3756
Email: tediscj@assembly.state.ny.us
For Immediate Release:
Tuesday, March 28, 2006

Assembly Minority Seeks To Boost Small Business
Legislation would strengthen New York's economy

Assembly Minority members today unveiled a comprehensive plan designed to make it easier for small businesses to thrive in New York. Among other provisions, the Small Business Improvement Act of 2006 would provide tax credits, create grant programs, and reduce tax rates.

"Small businesses are the backbone of New York's economy. If they cannot succeed, it will be very difficult for our state to be competitive," said Minority Leader James Tedisco (R,C,I-Schenectady-Saratoga). "This package would provide these businesses with the tools they need to thrive."

Nearly 98 percent of all New York businesses employ fewer than 100 people, but they account for almost 52 percent of the state's total workforce. However, rising costs have compromised their ability to remain viable in New York State.

"It is well known that the high cost of doing business in New York State is one of the main reasons small businesses struggle," said Assemblyman Bill Reilich (R,C,I-Greece), Chair of the Assembly Minority Task Force on Small Business in New York State. "If we allow these businesses to fail, it is basically inevitable that our overall economy will do the same."

The Business Council of New York State is holding its annual Small Business Day today - and tomorrow the Assembly Minority Task Force will begin its discussions of these important issues. Both events will take place in Albany.

"As the founder of a small business, I know all too well the obstacles they face to both get off the ground and stay there," said Assemblyman Matthew Mirones (R,C,I-Staten Island, Brooklyn), Task Force Co-Chair. "We are dedicated to helping these establishments succeed by creating a business-friendly climate throughout New York State. This legislative package is a major step in the right direction."

The Small Business Improvement Act of 2006 would:

  • Increase funds for the Main Street Revitalization program to provide grants to upgrade and renovate downtown and main street fašades.

  • Restore a tax rate for small businesses that is a full percentage point lower than the general business taxes levied in New York State.

  • Establish a Small Business Training Tax Credit equal to the amount expended by businesses that provide job training to upgrade or improve the skill level of their employees.

  • Provide a Small Business Energy Tax Reduction.

  • Enact a prompt payment law for state contracts with small businesses and require that at least 15 percent of state contracts are with businesses employing 100 or fewer employees.

  • Provide education grants to business owners and employees for courses necessary for the support and operation of micro-enterprise businesses.

  • Establish the Governor's Office of Regulatory Reform in statute and increase the Empire State Development Corporation's flexibility for small businesses.

  • Increase the sales tax vender credit to 10 percent and raise the maximum credit to $1,000 per year for compliance costs.



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