Raia Hails Small Business Improvement Act of 2006
Plan to boost NY’s small businesses through reduced taxes and increased state-aid among others
March 28, 2006
Assemblyman Andrew Raia (R,C,I-East Northport) today joined his Assembly colleagues at a press conference in Albany in support of New York’s small businesses and the Small Business Improvement Act of 2006. “Nothing is more important to the stability and prosperity of the New York economy than the success and productivity of small businesses,” said Raia. “New York must support small business to the greatest extent possible.” Raia added that the Small Business Improvement Act of 2006 is aligned with the small business-friendly legislation of “Restore-NY.” The New York State economy depends upon small businesses. 98% of all businesses in New York are small businesses and 52% of all working New Yorkers are employed by small businesses. Small Business Improvement Act of 2006 includes:
- Reduction of Corporate Franchise Tax – Small businesses with a net income less than $200,000 will see a 5.85% tax reduction. Other small businesses with incomes over $250,000 will see a 5% tax reduction
- State Contracts for Small Businesses – Requires that at least 15% of all state contracts be awarded to small businesses and that all such contracts require completion of state payment within sixty days.
- Economic Development Initiative – Directs the Department of Economic Development to conduct a comprehensive study of all programs administered by the department or established pursuant to the Economic Development Law or the Urban Development Corporation Act.
- Governor’s Office of Regulatory Reform – Establishes this office, Governor’s Office of Regulatory Reform, in statute.
- Vendor Sales Tax Credit – Increases the Vendor’s Sales Tax Credit to 10%.
- Credit for College to Work – Establishes the Credit For College To Work Program to provide companies that pay college tuition in exchange for an agreement to work for said company with a tax credit equal to 25% of the tuition paid up to $5,000. The purpose of this program is to encourage employers to take an active role in providing job training.