Assemblymember Roberts Helps Pass Budget That Will Create Jobs, Cut Taxes and Raise Minimum Wage

March 29, 2013

Assemblymember Sam Roberts (D, WF-Syracuse) announced that he helped pass an early 2013-14 state budget that will cut taxes and stimulate Central New York’s economy.

"This year’s third consecutive on-time, fiscally responsible state budget truly delivers for hardworking New Yorkers," Assemblymember Roberts said. "The budget addresses critical issues within our community, including increasing New York’s minimum wage, creating local jobs and bringing tax relief to middle-class families and small businesses."

Raising the minimum wage

The 2013-14 state budget increases the state’s minimum wage to $9.00 per hour by 2016. The wage will gradually increase over the next three years from $7.25 to $8.00 per hour on Dec. 31, 2013; to $8.75 on Dec. 31, 2014; and then to $9.00 per hour on Dec. 31, 2015. The increase to the minimum wage would directly benefit 925,000 New Yorkers currently earning below $9.00 an hour, which is over 10 percent of the state’s employed population.ⁱ

"Raising the minimum wage will give some much-needed relief to hardworking minimum-wage earners in Central New York," Assemblymember Roberts said. "While it’s a good start, we can’t stop here. The minimum wage must be tied to the rate of inflation, so that we don’t run into this issue again in the future."

Providing relief for middle-class families

The 2013-14 state budget also includes initiatives aimed at helping Central New Yorkers get back to work and bringing relief to hardworking local families. Beginning in 2014, families who earn between $40,000 and $300,000 annually and have at least one child under the age of 17 will receive a $350 rebate check for three years.

"Our hardworking families deserve better," Assemblymember Roberts said. "That’s why this year’s budget focuses heavily on providing tax relief for Central New Yorkers."

Helping 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. These programs are 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 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 and provide new 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.

The budget also includes $1 million to support the Minority and Women Owned Business Development Lending Program, a $365,000 increase from the executive budget proposal. Eligibility for bridge loans for procurement purposes as part of the Small Business Revolving Loan Fund will also be expanded to include MWBEs and other small businesses. MWBEs will receive special consideration in recruitment for location and participation in the new Business Incubator/Hot Spot Program.

"By helping cut costs for local businesses, we are enabling them to use those funds to develop and grow," Assemblymember Roberts said. "In recent years, we have worked hard to make New York a more business-friendly state. This year’s budget continues to showcase that New York is open for business."

Creating jobs through tax credits

The 2013-14 state budget includes tax credits to boost employment among Veterans, many of whom are suffering from joblessness. A newly established Veteran’s 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 have given so much for our country, we owe it to them to help them find work once they’ve completed their service," Assemblymember Roberts said.

The 2013-14 state budget will also renew the inner-city youth employment program, a $24 million tax credit over four years for employers who hire unemployed youth 16 to 24 years of age. The city of Syracuse participates in this program.

The program and tax credit will be available to employers in the clean energy, health care, advanced manufacturing and conservation industries. 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.

"We must not allow our vulnerable young people to slip through the cracks," Assemblymember Roberts said. "These tax credits will provide local youth with valuable job experience while giving tax relief to the businesses that hire them."

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ⁱ www.assembly.state.ny.us/ssspolicy/2013minwage.pdf

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