The legislative budget agreement contains meaningful tax relief for homeowners, seniors and families but next to nothing for manufacturers and other job creators. The Assembly minority conference has offered an amendment today that would eliminate the corporate franchise tax on manufacturing.
"I supported the amendment," said Assemblyman Steve Hawley (R,I,C-Batavia). "A tax credit is necessary to help stimulate job growth and new business ventures in Upstate New York."
The tax break, which has broad bi-partisan support as 15 majority members support the measure, would save manufacturers $600 million annually when fully phased in. It was part of the Senate budget resolution that contained more than $3 billion in business tax cuts. The current agreement contains little over $200 million.
"Outrageous franchise taxes are hurting business and job growth in New York," said Hawley. "I am committed to helping business return to New York, to seeing more jobs for our citizens and re-establishing New York as a leader in business and industry."
Despite losses of manufacturing companies and jobs over the years, in 2002, there were still over 21,000 manufacturers employing more than 641,000 people in New York State, according to the most recent Economic Census information from the U.S. Census Bureau.