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You are here: Home / News / Local News / State Senate Announces Passage of Job Creation Plan

State Senate Announces Passage of Job Creation Plan

May 31, 2012 By WRFA Radio Leave a Comment

ALBANY – The Republican controlled New York State Senate is announcing the passage of a new job creation plan, and hopes that the members in the state Assembly will soon follow suit.  In an announcement yesterday, Senator Catharine Young (R – Olean) said the state Senate passed what she calls a major jobs plan that would create thousands of private sector jobs throughout the state.

Young, who was one of the co-sponsors of the plan, says the the 2012 NEW JOBS-NY Job Creation Plan would generate thousands of new private sector jobs by delivering tax relief to small businesses, reducing energy costs, and enacting important fiscal reforms so the state can help put more New Yorkers to work and make the state’s economy more competitive.

Highlights of the plan include Eliminating Income Taxes on paid by New York Manufacturers, a 20-Percent Corporate Tax Cut for Small Businesses, a 10 Percent Personal Income Tax Credit for Small Businesses and a phase out of the Energy Tax hike that was installed three years ago.  The bill also 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; up to a $10,000 credit if a business hires a returning military veteran. Incentives are also available for Breweries throughout the state, along with an angel investor tax credit for those who invest in start-up businesses within the state.

The bill is now in the State Assembly for its consideration.

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Filed Under: Local News Tagged With: 2012 NEW JOBS-NY Job Creation Plan, Cathy Young, State Senate

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