Special Report from the
Sheldon Silver, Speaker Robert K. Sweeney, Chair January 2001
Speaker Silver Announces New Committee Chairs
Sweeney new Small Business Committee Chair;
Morelle to chair tourism panel
|A leader in
economic development efforts, incoming chair Robert K. Sweeney has successfully
worked to establish programs that assist small businesses, especially defense-dependent
manufacturers and high-tech businesses.
He received the 1995 Initiative Award from ADDAPT, a consortium of over 100 New York manufacturing firms.
Assemblyman Sweeney is credited with establishing the highly successful NY Hi-Tech Agenda, which promotes good, high-paying high technology jobs for New York State residents. This initiative creates the jobs of today while providing the infrastructure to ensure employment opportunities for our children.
As chair of the Small Business Committee, Sweeney will play a key role in fostering the growth and vitality of the small business sector that creates eight out of ten new jobs for working families across the state.
|As chair of
the Small Business Committee since 1997, Joseph D. Morelle fought to increase
access to capital and boost work force training.
Morelle also took a leadership role in promoting New Yorks remanufacturing industries, recognizing the enormous economic and environmental benefits of this emerging sector.
Assemblyman Morelle authored major reforms to the workers compensation system, which have provided needed relief to New York businesses.
Morelle will bring the same commitment to economic development and job-creation to his new position as chair of the Committee on Tourism, Arts and Sports Development.
2000 Year in Review
$1.4 billion tax cuts pave way for small business
growth, job creation
Yorks businesses and working families will save approximately $1.4
billion when the 2000-01 tax cuts are fully implemented. The new tax cuts
build on the $13 billion in tax relief enacted by the Assembly since 1994
to build a stronger, more competitive state economy, create good-paying
jobs and help families keep more of their hard-earned dollars.
Empire Zones to foster job growth in economically distressed communities
cornerstone of the targeted business tax cut plan is an Assembly initiative
to establish job-creating, tax-free Empire Zones.
the gross receipts tax (GRT) on employers utility bills was a major
budget highlight, at a time when skyrocketing energy costs pose a significant
obstacle to business investment and job growth.
Other new tax cuts
reduced the entire net income rate that small corporations face under
the corporate franchise tax from 7.5 to 6.85 percent, the same as the
states personal income tax rate, by the end of 2003;
Emerging industry creates 2,000 New York jobs
Remanufacturing returns a product to like-new condition and keeps thousands of tons of solid waste from clogging landfills each year. This process has been particularly successful in retooling toner cartridges, which cannot be recycled.
There are over 350 toner cartridge remanu-facturers in New York State, employing over 2,000 skilled and semi-skilled workers and saving about 2,250 tons of waste from entering New York landfills each year.
However, this important industry faces a real threat from printer manufacturers whose toner licensing agreements prohibit the remanufacture of the product agreements that automatically take effect the moment a toner cartridge package is opened.
During the past session, the Assembly won passage of a new law (A.11523, Chapter 95, Laws of 2000) encouraging the use of recycled or remanu-factured printer or toner cartridges by State agencies.
Another bill (A.6984D, Morelle) would require New York State agencies to give preference to purchasing remanufactured goods, and prohibit the state from purchasing products for which the original manufacturer has forbidden to be remanufactured.
This measure passed the Assembly, but failed to pass the Senate.
Remanufacturing creates jobs, uses less energy to convert materials to a useable form and reduces solid waste disposal, said Assemblyman Joseph Morelle. It is a win-win situation for New York.
For tax years beginning January 1, 2001, certain remanufacturing
companies will be eligible for New York State qualified emerging technology
company (QETC) tax credits, created by the Assembly in 1998.
QETC employment credit grants a tax credit of $1,000 per full-time worker employed over the companys base year employment level.
The credit is available for up to three years.
QETC capital credit provides a tax credit for investments in qualified emerging technology companies: 20% of investments in companies expected to be held for nine years, and 10% of investments in companies expected to be held for four years. The credit is claimed in the year the investment is initially made.
For more information, contact your tax advisor or the New York State Department of Taxation and Finance.
Providing Access to Capital
The Assembly approved the following bills during the
past legislative session, but unfortunately, the measures died in the
Allowing Credit Unions to Participate in Excelsior Linked Deposit (A.2565,
Establishing a Business
Loan Secondary Market (A.592, Schimminger)
Reviving the Small Business Innovation Research Program (A.1304-A, Schimminger)
Investing in Small Business –– New
York’s Job-Creation Engine
|The Assembly made sure the 2000-01 state budget
made key investments helping small businesses prosper, create and retain
jobs, and to increase economic opportunities for communities in need.
Entrepreneurial Assistance Program (EAP) these centers provide
comprehensive assistance in starting a business and helping new businesses
succeed ($1.3 million);
Helping small businesses meet
|Over the past decade, new federal and state environmental laws and regulations have made it necessary for many small businesses to invest in pollution control equipment at a time when access to capital is often difficult. To ease the financial burden on smaller companies while protecting the public health and safety, the Assembly passed a bill to help small businesses obtain loans from private lenders (A.549, Destito) to purchase pollution control equipment. Another bill approved by the Assembly (A.550, Destito) would encourage private lenders to make pollution prevention or compliance loans to small businesses, backed by a loan loss reserve fund. Unfortunately, neither bill was approved by the Senate.|
Power for Jobs Program Expanded
With electric rates among the highest in the nation, New York suffers a competitive disadvantage as a place to do business. Thats why the Assembly led the fight to create the Power for Jobs program, which has already created or retained a quarter of a million jobs for New Yorks hardworking families since its inception three years ago.
For more information about the Power for Jobs program, contact Assemblyman Robert Sweeneys office at (518) 455-5787.
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