Oaks Touts Small Business Improvement Act

Big Step in the Right Direction
March 28, 2006

Assemblyman Bob Oaks (R,C-Macedon) re-affirmed his commitment to small business owners across New York state during the Assembly’s “Small Business Day.” The Assembly minority conference joined with small business owners in unveiling the “Small Business Improvement Act of 2006,” which is aimed at not only increasing jobs but reducing taxes statewide.

“This crucial piece of legislation is just what New York’s small business community needs. It should help every small business owner through our state,” said Oaks.

The “Small Business Improvement Act of 2006” is a ground breaking piece of legislation that includes initiatives to:

  • Increase funds for the Main Street Revitalization program which provides strategic grants to renovate downtowns
  • Restore the 1 percent lower tax rate for small businesses
  • Provide a Small Business Energy Tax Reduction
  • Establish a Small Business Training Tax Credit for businesses that provide job training to employees
  • Enact a prompt payment law for state contracts with small businesses and require at least 15 percent of state contracts be with businesses of 100 or less employees
  • Provide education grants to business owners and employees for courses necessary to operate or support a small business
  • Increase the sales tax vendor credit to 10 percent and raise the maximum credit to $1,000 per year for compliance costs

“I am pleased to have the support of so many small business owners for our initiative,” concluded Oaks. “Small businesses are the backbone of our economy and I will do all I can to work with small business owners to improve the business climate in our state.”