Assemblyman Bill Reilich (R,C,I-Greece) today championed an amendment aimed at lowering taxes for small businesses during budget votes on one-house bills.
“Small businesses are the backbone of New York’s economy,” said Reilich. “Nearly 98 percent of all businesses in the Empire State are considered small businesses, with 52 percent of the state’s workforce employed by small business. With the climate in New York considered ‘unfriendly’ to businesses, we need to take greater steps to provide them with some level of tax relief. ”
The amendment sought to save small businesses $577 million by lowering the Corporate Franchise Tax rate, eliminating additional corporate taxes imposed on small businesses, establishing a Small Business Electric Energy Tax credit, and lowering property taxes for small businesses by adding them to the list of eligible properties for Basic School Tax Relief (STAR) exemptions.
“Cutting taxes will keep jobs and businesses in New York state while helping local economies thrive,” added Reilich.
The Assembly majority narrowly defeated the amendment.