Friday, 05 February 2010 00:00
New York State Senator Kemp Hannon joined Republican Leader Dean G. Skelos and other members of the Senate Republican Conference to announce a major new jobs initiative designed to improve New York’s business climate, reduce taxes and create thousands of new jobs for workers across the state.
“The loss of jobs across the state is a top priority for New Yorkers, and thus, the creation of jobs must be a top priority on our legislative agenda this year,” said Senator Hannon.
The plan’s centerpiece would reward businesses with a three-year tax credit, averaging between $2,500 and $5,000 for every new job created. The tax credit would be recurring for three years and would only be provided for new jobs that expand total payroll, equal to the amount of tax withholding for each new job. For example, a new job paying $30,000 would provide an employer with a tax credit of about $1,150. A job paying $50,000 would provide a $2,500 tax credit.
Additionally, the new job plan would eliminate taxes for small businesses and manufacturers that pay New York’s corporate franchise tax, and roll back the income tax surcharge placed on them last year by the budget. The plan also places a moratorium on new taxes, fees and regulations that are killing private sector job-creation efforts.
“This important initiative will put New Yorkers back to work by providing both large and small businesses real incentives to create jobs and get our state’s economy back on track,” said Senator Hannon. “The passage of this plan is crucial for the people of New York.”
Last year, New York lost 269,000 jobs. This year, Governor Paterson’s budget projects that another 40,000 jobs will be lost.
For more important legislative information and to sign-up for informative e-mail updates, visit Senator Hannon’s website at www.kemphannon.com.