Senator Catherine Young (R-Olean)
ALBANY – Senator Cathy Young – along with several of her colleagues in the Republican-led state Senate – is announcing a new job-creation plan that call for a 20 percent rollback in taxes on small businesses.
The 2012 NEW JOBS-NY Job Creation Plan was introduced Wednesday. It includes what the state Senate calls significant tax relief to encourage new private sector jobs, measures to ensure fiscal responsibility and control state spending, as well as other reforms and incentives to make New York more economically competitive.
For small businesses, it would provide companies with up to a 20 percent reduction in the corporate tax rate. It would also eliminate the fixed dollar minimum and provide a 10 percent tax credit for about 800,000 small businesses that have at least one employee, have business income of less than $250,000, and that file under the personal income tax. That tax credit would save businesses $120 million.
In a press release, Senator Young says the Jobs Creation Plan includes significant tax
relief to encourage the creation of new private sector jobs, measures to control state spending and ensure fiscal responsibility, and to protect taxpayers.
The plan will be included in the Senate budget resolution to be acted on next week.
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