Smalll businesses are the backbone of New York’s economy. Every community is dotted with small businesses that provide a plethora of services that we rely on every day. Whether it is picking up dry cleaning, visiting the hardware store or stopping in at the bakery, small businesses are vital to our state and continue to be one of the largest sources of employment in New York.
But small businesses continue to struggle to stay afloat in New York’s climate of high taxes, red tape and bureaucracy. As a small business owner myself, I understand these struggles and am working in Albany to reduce the burden business owners face. If we don’t get a handle now on the spiraling costs, more young people will continue to flee our state for more competitive markets and more business owners will close their shops.
I have worked with my Senate Majority colleagues to author a comprehensive package of bills that will provide financial assistance as well as a one-stop shop for small businesses that want to locate in New York. The Senate small business assistance package provides $590 million in assistance in 2007-08 and when fully implemented in three years, almost $1.3 billion in tax relief.
Our legislation eliminates the corporate income and franchise tax for manufacturers, provides direct property tax relief checks to small businesses and provides tax credits to small businesses to help combat rising energy costs. Without a serious investment by the state on behalf of small business, we cannot continue to expect potential business owners to invest in New York.
The Senate passed this legislation and now it is up to the Assembly and the Governor to do the right thing and support this package. It is a common sense approach to supporting a critical element to New York’s, especially Upstate, economy. And it sends a message to our young people who will graduate college that we are serious about providing an opportunity for them to use the top notch education they just earned right here in their home state.
The Senate has lead the fight to protect small business by initiating tax cuts and reductions that have provided taxpayers with a cumulative savings of $12 billion. This package would build on the Senate’s record by targeting small business job growth. I will continue to fight in Albany to deliver results that spur our economy and job creation while assisting small business.
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