Assemblywoman Carrie Woerner (D-Round Lake) announced that a lower income tax rate for small businesses will be included in the 2017-18 Assembly budget proposal. Woerner is also fighting for an initiative to invest in small agribusinesses and spur rural job growth.
Small businesses are vital to our economy here in Saratoga and Washington counties they create good-paying jobs for hardworking residents, and play a large part in attracting tourists to our area, said Woerner. By cutting their tax rate, were helping make sure they stay and grow right here in our communities.
The Assembly budget proposal cuts the income tax rate for small businesses with an income of $290,000 or less from 6.5 percent to 4 percent for corporate tax filers. Personal income tax filers such as sole proprietors, farmers and partnerships would have the option of deducting 15 percent of their income from their adjusted gross income (AGI) before applying the personal income tax rate. Currently, only a 5 percent deduction is allowed. There are an estimated 1.1 million sole proprietors, farmers and small businesses that would benefit from the proposal.
Woerner is also fighting for the inclusion of legislation, the New York Rural and Agricultural Jobs Act (RAJA), which is designed to attract investment from private sources into agribusinesses and small, rural businesses (A.4772). With community banking and capital becoming less accessible in rural areas, employment figures are taking a hit, noted Woerner.
Many of our small rural businesses here in Washington, Warren and Saratoga Counties have a difficult time accessing capital to sustain and grow their operations, said Tori J.E. Riley, President/CEO of the Adirondack Regional Chamber of Commerce. Assemblywoman Woerners Rural Jobs Act would help our local rural businesses succeed and attract new businesses to our region. This is another example of Assemblywoman Woerners ability to bring resources to fruition for the small business sector.
The New York Rural and Agricultural Jobs Act Assemblywoman Woerner is proposing is an exciting program that will generate much needed capital for growing businesses in rural New York, said Dennis Brobston, President of Saratoga Economic Development Corp. With this program enacted, I expect Saratoga County agriculture and rural businesses will be able to grow faster and hire new employees due to the availability of these tax cuts bringing new investment. Traditional venture and private equity funding does not often make its way to these areas of our community. Another source of investment is vital for these underserved companies to grow.
Many small businesses in rural communities dont have access to traditional financing that could help them grow and expand, said Woerner. These initiatives will help give them a needed boost to spark economic growth and put more people to work here at home.