Assemblyman Jones Backs Bill to Help North Country Small Businesses Thrive
Assemblyman Billy Jones (D-Plattsburgh) announced he is co-sponsoring a bill that would reduce the tax burden for small businesses and farms to help make New York more affordable for local entrepreneurs (A.6309).
“Small businesses and family farms play an important role in North Country communities,” Jones said. “They provide jobs for our family, friends and neighbors, and are the cornerstone of our regional and state economy. Delivering real tax relief to these hardworking business owners will help them thrive and enable them to continue strengthening communities across New York State.”
Half of the private-sector workforce is employed by small businesses, which account for more than $212 billion in total payroll.[1] Small businesses also donate significantly more than larger companies to local nonprofits and community causes, such as supporting youth organizations, first responders and food pantries.[2] Additionally, roughly 67 cents of every dollar spent at a small business stays in the local community.[3]
The legislation would lower the tax rate from 6.5% to 4% and increase the corporate tax threshold from $290,000 to $390,000 for small businesses. The measure would also expand the small-business exemption from 5% to 15% for net farm and company income under $250,000.
While serving on several Assembly committees related to small business policy, Jones strongly advocates for local entrepreneurs and the agricultural sector. Last year, Jones co-sponsored a measure to reduce regulatory fines for small businesses by allowing them the opportunity to fix first-time violations (Ch. 731 of 2019). He serves on the Upstate Cellular Coverage Task Force, which is working to identify solutions to cellular service gaps in upstate regions. It’s critical that New York invest in the necessary infrastructure to bring upstate communities into the 21st century, make businesses more competitive and boost the economy, Jones noted.
_______________________________[1] osc.state.ny.us/reports/economic/small-business-nys-2019.pdf
[3] nfib.com/content/news/economy/shop-small-on-small-business-saturday-november-24