Assemblyman Jake Ashby (R,C,I-Castleton) has reintroduced his bill to establish a $5,000 small business tax credit to help with the costs of purchasing supplies and remodeling or retrofitting their business with equipment to help prevent the spread of COVID-19 (A.3566). The bill has already received bipartisan support from several legislators.
“We must make every effort to help our small businesses in the recovery of our state and economy, and I believe my $5,000 small business tax credit bill can help. Our local mom-and-pop shops have gone through great efforts and expense to make their businesses safe for patrons and employees,” said Ashby. “Strategically investing in our small businesses will have a profound impact on our communities.”
The need for programs for small businesses could not be higher. According to the National Federation of Independent Businesses (NFIB), 22 percent of small business owners believe they will not be able to operate longer than 12 months under current conditions. The pandemic pressures, combined with already existing stressors such as high taxes, make Ashby’s tax credit all the more needed.
The necessity for this legislation was further echoed by Mark Eagan, president and CEO of the Capital Region Chamber of Commerce who said, “I urge the state legislature to quickly take up and pass this bill. Small businesses are the backbone of our economy; they have faced incredible hardships during the COVID-19 crisis, and the state must provide the necessary support to allow them to reopen and thrive.”