New Yorkers have endured misguided economic policies that lack a clear direction toward prosperity for far too long. Only a concerted legislative effort designed to create jobs, eliminate the obstacles faced by small businesses, and enact broad-based tax cuts will revitalize the state’s struggling economy. As the Legislature prepares for budget negotiations, it is pivotal that policies targeted at economic growth are included in the final 2015-16 State Budget.
HELPING SMALL BUSINESSES SUCCEED
Small businesses create jobs, provide the goods and services all New Yorkers rely on and are community staples that bind neighbors. Giving them a fair shot, which the overregulated and overtaxed business climate has denied them, is a legislative priority. Simply put, there is too much red tape, too many taxes and too many misguided legislative proposals – like another minimum wage hike – that are standing in the way.
To help our small businesses realize immediate and long-term success, I am sponsoring the Small Business Full Employment Act. New York needs sustained policies to foster economic growth. My legislation will provide:
- Small Business Personal Income Tax Exemption: Provides a 10 percent Personal Income Tax exemption for businesses with fewer than 100 employees.
- Small Business Employee Retainment Tax Credit: A tiered tax credit against the Personal Income Tax (PIT) and Corporate Franchise Tax (CFT) for businesses with at least one and fewer than 100 employees that maintain their employment levels for one year. The credits range from $1,000 to $5,000.
- Small Business Hire-NY Tax Credit: Small businesses with fewer than 100 employees would be eligible for a $5,000 tax credit against the PIT and CFT for each new job created annually.
- Small Business Sales Tax Amnesty Program: Creates a sales tax amnesty program for struggling small businesses recently audited and fined by the Department of Taxation and Finance. It would be a limited-time opportunity allowing businesses to pay a defined amount in exchange for forgiveness of a tax liability relating to previous tax periods without fear of prosecution.
- Temporary 18-A Repeal: Immediately repeal the temporary 18-A energy tax.
- Small Business Tuition Assistance Tax Credit: Employees who agree to work with an employer for a specified number of years would be eligible to have their college tuition paid for by their employer. In turn, the employer would be awarded a 25 percent tax credit or up to $5,000 annually.
Small Business Regulatory Relief
- Division of Regulatory Review & Economic Growth: Would make binding recommendations to eliminate burdensome regulations. It would also require a small business economic impact statement prior to the passage of any rule or regulation impacting small businesses; a regulatory flexibility analysis prior to the adoption of proposed regulations to minimize adverse impacts on small businesses; and require a periodic review of rules and regulations to determine whether such rules should continue without change, be amended or rescinded.
- Small Business Regulatory Amnesty Program: Allows for small businesses to remedy rules or regulations violations within six months to avoid fines or penalties.
- Unfunded Mandate Moratorium: Prohibits new unfunded state requirements on local governments, school districts and small businesses and requires fiscal notes on bills.
What do you think? I want to hear from you. Send me your feedback, suggestions and ideas regarding this or any other issue facing New York State. You can always contact my district office at (315) 781-2030, email me at firstname.lastname@example.org, find me by searching for Assemblyman Brian Kolb on Facebook, and follow me on Twitter.