Assemblyman Brian Kolb (R,C,I-Canandaigua) today introduced a floor amendment that would eliminate the corporate franchise tax and the personal income tax for manufacturers. This bill is viewed as a vital component in making manufacturing more competitive in the state of New York.
“Western New York, and indeed the entire state, has been hemorrhaging manufacturing jobs for the better part of two decades. We must combine our efforts to attract new jobs with a serious effort aimed at retaining the manufacturing jobs we still have,” said Kolb. “This legislation would fully exempt manufacturers from the Corporate Franchise and Personal Income Taxes, bolstering an industry in our great state, which has seen greener pastures elsewhere.”
The Economic Census reported that in 2002 over 21,000 manufacturers employed more than 641,000 employees in New York state. However, legislation for manufacturers would not benefit them only. Kolb noted it would allow manufacturers like Triplett Machine, G.W. Lisk, and Canandaigua Wine to retain the jobs they have while making it easier for them to expand.
Kolb also joined his Assembly minority colleagues in introducing the Small Business Relief Act of 2007. This bill is essential since nearly 98 percent of employers in New York are small businesses. Among the highlights of this legislation are:
- It reduces the Corporate Franchise Tax rate for small businesses
- It provides a Small Business Energy Tax Reduction
- It establishes the college-to-work program to provide companies that pay 25 percent of a student’s tuition with a maximum allowable tax credit of $5,000 per year
- It requires that state purchasing efforts be directed toward helping support small businesses
“The Assembly Minority Small Business Task Force traveled throughout the state gathering input from those who have the most to say – small-business owners,” said Kolb. “This is proactive governing and we should immediately pass both pieces of legislation to provide our small businesses with much-needed tax relief.”