Setting his focus on job creation and fostering a welcoming business climate in the Capital Region, Assemblymember Phil Steck (D-Colonie) announced that he helped pass the 2013-14 state budget that includes essential aid to economic development and programs to help create jobs (A.3004-E, A.3008-D, A.3009-D).
By providing vital funding to innovative programs, this years budget makes significant progress in the way of creating good-paying, local jobs and promoting a New York that is open for business, Assemblymember Steck said.
New support for small businesses
The 2013-14 state budget includes $1 million to support the Minority and Women-owned Business Development Lending Program, for an increase of $365,000 above the executive budget proposal. It also authorizes bridge loans for procurement purposes from the Small Business Revolving Loan Fund to help minority- and women-owned businesses (MWBEs) and other small businesses access capital at affordable rates.
Additionally, the budget creates a new Business Incubator and Innovation Hot Spot program that will designate high-tech business incubators and 10 hot spots to encourage private-sector growth with higher education institutions. The act takes MWBEs into consideration when deciding whether an entity will be designated as a business incubator or innovation hot spot. The program will provide tax exemptions to selected businesses in hot spots and operating grants to eligible business incubators and innovation hot spots. The Excelsior Linked Deposit program is also expanded so small businesses in high-technology industries can participate.
This support to small businesses and MWBEs will bring new life to our local economy, Assemblymember Steck said. Innovation hot spots have the potential to make real, fresh changes to the way we do business in New York. Together, these two programs will help shape future success in the region.
Funding for infrastructure projects and creating opportunity for jobs
To promote job growth while simultaneously rebuilding our decaying infrastructure, the budget includes $438.1 million for the Consolidated Local Street and Highway Improvement Program (CHIPs). This 21 percent increase is the first in five years and $75 million more than last year.
CHIPs funding provides much-needed relief to municipalities, Assemblymember Steck said. It creates the type of good-paying, local jobs our families rely on today, while investing in our community by improving the safety and reliability of our roads and bridges for years down the line.
Additionally, the budget authorizes $39.7 million annually for the Marchiselli Highway Improvement Program and it includes $155 million to accelerate significant local and regional Department of Transportation (DOT) projects.
Furthermore, the budget includes a $1.01 million restoration to the Institute for Nanoelectronics Discovery and Exploration (INDEX) at the College of Nanoscale Science and Engineering (CNSE).
Providing tax credits to spur economic growth
The 2013-14 state budget will also renew the inner-city youth employment program, a $24 million tax credit over four years for employers who hire unemployed youth 16 to 24 years of age. The city of Schenectady participates in this program, noted Assemblymember Steck.
The program and tax credit will be available to employers in the clean energy, health care, advanced manufacturing and conservation industries. Eligible employers will receive up to $4,000 per employee if they retain the workers for an entire year. The program will be extended through 2017.
This tax credit helps local youth by opening new doors to opportunity and it gives them the chance to gain valuable work experience, Assemblymember Steck said. Then, it goes one step further and offers assistance to the businesses that hire them as well. Its good business.