Assemblyman Bill Reilich (R,C,I-Greece) today introduced an amendment to improve the business climate for small businesses in New York state as part of Small Business Day in the state Assembly. The legislation aims to attract new ventures to the state by eliminating burdensome taxes and making it more affordable for current small businesses to operate.
The Small Business Relief Act of 2007 (A.5460) would eliminate taxes on energy sources imposed on small businesses, restructure the corporate franchise tax, and subject certain businesses only to the personal income tax as they are in a majority of the other states.
"The risk of starting a business in New York state is too great for many to undertake,” said Reilich, a member of the Assembly Minority Task Force on Small Business. “Current policy prohibits successful entrepreneurship and limits the potential for the state’s economy to expand and create jobs.”
A second amendment introduced by the Assembly Minority called for the elimination of the Corporate Franchise Tax and Personal Income Tax for manufacturers that would save businesses millions of dollars each year.
The Assembly Majority blocked both measures from a full house vote. Additionally, the Assembly Majority held a bill in committee that would help reduce health care costs for small businesses by 15 percent.
New York state’s economy depends in large part on the health of its small businesses. Nearly 98 percent of all businesses in New York are small businesses, and nearly 52 percent of working New Yorkers are employed by a small business.
“Small businesses face many difficult obstacles in this state,” said Reilich. “It is my hope that my Majority counterparts will soon realize the importance of small businesses for job creation and a healthy economy. I will continue to fight for the needs of small businesses so that we do not continually lose potential employers to states with lower operating costs and less burdensome policies.”