Assemblyman Gary D. Finch (R, C-Springport) today joined Assembly Leader James Tedisco (R, C, I-Schenectady-Saratoga) and his colleagues in the Assembly minority conference to unveil a comprehensive plan that would create more opportunities for small businesses to thrive and grow in New York. Among other provisions, the Small Business Improvement Act of 2006 would provide tax credits, create grant programs, and reduce tax rates.
“There is no question that small businesses are what make New York’s economy tick,” said Finch. “This package of proposals offers a plan that I am very confident in, one that I feel will allow small businesses throughout New York state to grow and thrive.”
Nearly 98 percent of all New York businesses employ fewer than 100 people, but they account for almost 52 percent of the state’s total workforce. However, rising costs have compromised their ability to remain viable in New York state.
The Small Business Improvement Act of 2006 would:
- Increase funds for the Main Street Revitalization program to provide grants to upgrade and renovate downtown and main street façades;
- Restore a tax rate for small businesses that is a full percentage point lower than the general business taxes levied in New York state;
- Establish a Small Business Training Tax Credit equal to the amount expended by businesses that provide job training to upgrade or improve the skill level of their employees;
- Provide a Small Business Energy Tax Reduction;
- Enact a prompt payment law for state contracts with small businesses and require that at least 15 percent of state contracts are with businesses employing 100 or fewer employees;
- Provide education grants to business owners and employees for courses necessary for the support and operation of micro-enterprise businesses;
- Establish the Governor’s Office of Regulatory Reform in statute and increase the Empire State Development Corporation’s flexibility for small businesses; and
- Increase the sales tax vender credit to 10 percent and raise the maximum credit to $1,000 per year for compliance costs.
The Business Council of New York State is holding its annual “Small Business Day” today – and tomorrow the Assembly Minority Task Force on Small Business will begin its discussions of these important issues. Both events will take place in Albany.
“We must not let this package of proposals crawl to the back of the line,” concluded Finch. “It is important that we continue to encourage the growth of small businesses or we run the risk of allowing our state economy to crumble. That is something that I believe very strongly in, and I pledge to work tirelessly so that small businesses across New York state and Central New York are given the opportunities they deserve.”