Written by Senator Kemp Hannon Friday, 15 June 2012 00:00
“Every new job created helps our state’s economy,” said Senator Kemp Hannon (R-Nassau). “Job creation helps strengthen communities and neighborhoods, and helps families improve their quality of life.”
Hannon supports legislation to implement the “2012 New Jobs-NY” Job Creation Plan, which will help to create thousands of new private sector jobs by delivering tax relief to small businesses and manufacturers, reducing energy costs, and enacting major fiscal reforms to make New York State more economically competitive.
“Over the past two years, I’ve helped enact two fiscally responsible state budgets, reduced spending and worked with the governor to move our state back in the right direction,” said Hannon. “Our new tax cut and job creation plan will build on this progress, create thousands of new jobs and help ensure a brighter, stronger future for the Empire State.”
Highlights of the 2012 New Jobs-NY Job Creation Plan are as follows:
* Reducing the job-killing tax burden on New York manufacturers: the plan would spur creation of thousands of manufacturing jobs by dramatically reducing taxes on manufacturers over a three-year period ($495 million in tax relief).
* 20 percent tax cut for small businesses: this tax cut will save nearly 200,000 small businesses $49 million.
* 10 percent tax credit for small businesses: this tax credit will save 800,000 small businesses $80 million.
* Major energy tax cut: the legislation accelerates the phase-out of the 500 percent energy tax hike previously approved by Senate Democrats.
* New incentives for each new job created: the bill includes new job-creating incentives that would give businesses a tax credit of up to $5,000 for each new job they create; up to an $8,000 credit if the new job goes to someone on unemployment; and up to a $10,000 credit if a business hires a returning military veteran.
“Creating jobs is one of our highest priorities in New York State,” said Hannon. “Because we have enacted two fiscally responsible, early budgets, reduced state spending, and worked with the governor to turn our state in the right direction, we must refocus our efforts on job creation to build upon these great successes.”