Assemblywoman Kimberly Jean-Pierre (D-Babylon) announced that the Assemblys 2017-18 state budget proposal includes tax cuts for small businesses as well as investments in job creation and economic development initiatives.
Its important were always doing all we can to support small businesses so they can grow, stay in our communities and move our economy forward, said Jean-Pierre.
The Assemblys budget plan provides cuts to the income tax rate for small businesses with an income of $290,000 or less from 6.5 percent to 4 percent for corporate tax filers. Personal income tax filers, which include sole proprietors and partnerships, would be able to deduct 15 percent from the Adjusted Gross Income (AGI) before the personal income rate is applied, up from the current 5 percent.
This years budget proposal extends the Minority- and Women-Owned Business Enterprises (MWBEs) program by an additional two years, one year more than the executives proposal. It also allocates an additional $365,000 toward the program, for a total of $1 million, to help ensure MWBE participation goals are met throughout the state. The budget further provides a total of $1.8 million for Community Development Financial Institutions (CDFIs). These institutions are vital for helping thousands of minority- and women-owned businesses thrive in New York State by providing lending and technical assistance.1
Supporting local businesses owned by women and minorities is clearly an investment in our future, said Jean-Pierre. These businesses help ensure economic equality, create jobs and lift up our communities.
The Assembly budget further invests in the local economy by providing $90 million for the Restore New York Communities Initiative and $10 million for the Community Restoration Fund. This fund strengthens communities by helping to address the problem of blight caused by vacant and abandoned properties.
This years Assembly budget proposal also helps our local government by allocating $715 million for Aid and Incentives for Municipalities (AIM). This serves as direct state aid to local governments so they can provide the services their communities need.