Assemblyman Buchwald Helps Deliver On-Time Budget to Support Job Creation and Provide Vital Tax Relief for Local Businesses

March 28, 2013

Assemblyman David Buchwald (D-Westchester) announced the details of the 2013-14 state budget he helped pass. The spending plan closes the state’s $1.4 billion gap, increases the state’s minimum wage and provides critical tax cuts to local businesses.

“This on-time, fiscally responsible budget keeps government spending down, while addressing the needs of Westchester families,” Assemblyman Buchwald said. “By increasing the state’s minimum wage and providing tax relief to local business owners, we are strengthening our area’s economic recovery and getting more families back to work, while fostering a more business-friendly environment.”

Vital tax credits for businesses to jumpstart hiring

This budget brings vital tax relief to New York businesses, including a tax credit for companies that hire veterans. A newly established veterans’ tax credit for businesses that hire veterans will be worth 10 percent of the wages paid to a qualified veteran during the first full year of employment or 15 percent of the wages if the veteran is disabled during taxable years 2015 and 2016.

“Our veterans are among some of the hardest hit by unemployment,” Assemblyman Buchwald said. “It’s only right that we do everything we can to help those who have put their lives on the line to protect ours. This credit will help more veterans find quality jobs and strengthen our community’s economic recovery.”

The state budget will also renew the NY Youth Works Program, a $24 million tax credit over four years for employers who hire unemployed youth 16 to 24 years of age, and will include the city White Plains for the first time in the program’s history. Eligible employers will receive up to $4,000 per employee if they retain the workers for an entire year. The program will be extended through 2017.

“This program is great news for our families and young adults residing in the city of White Plains,” Assemblyman Buchwald said. “With this new opportunity, we can provide more businesses with the chance to foster growth and help more teens and young adults find jobs locally.”

New initiatives to support small businesses

The budget establishes the New York State Innovation Venture Capital Fund and the New York State Business Incubator and Innovation Hot Spot Support Act, which are programs designed to assist the start-up and growth of newly established business and technology companies in the state.

The $50 million Innovation Venture Capital Fund will provide early-stage seed money for investments in new businesses and promote the transition from research and development to commercialization.

The Business Incubator and Innovation Hot Spot Support Act will assist the state’s existing economic development incubator programs, providing fledgling companies with access to such support services as technical, marketing, and entrepreneurial training. Companies operating within an Innovation Hot Spot also will be eligible for tax exemptions. This program will designate high-tech business incubators and 10 “hot spots” to encourage private-sector growth with higher education institutions.

The budget includes $1 million to support the Minority- and Women-owned Business Development Lending Program, a $365,000 increase from the executive budget proposal. The budget also authorizes bridge loans for procurement purposes from the Small Business Revolving Loan Fund to help minority- and women-owned business (MWBEs) and other small businesses access capital at affordable rates.

“Investment in job growth and the economy is vital for Westchester to continue to be a leader in business and development,” Assemblyman Buchwald said. “These programs help encourage growth in our region while providing start-up companies with the tools they need to succeed and create high tech jobs of the future.”

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