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Cutting Taxes. The Legislature rejected the governor’s increase of the state sales tax on clothing and footwear items priced under $110 — saving shoppers approximately $600 million a year, including $17 million in Onondaga County. Removing the sales tax will help small retail businesses compete with those in neighboring states — which have already exempted clothing purchases from state sales taxes.
To help businesses grow and create jobs, the state budget:
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Eliminates the S-Corporation Rate Differential, saving businesses $40 million |
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Increases the Vendor Credit for sales taxes, eventually saving small business $54 million |
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Enacts special Empire Zone Credits worth $50 million when phased in |
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Expands the Film Tax Credit, saving $60 million and extending it to the production of commercials, which will eventually save an additional $7 million |
Improving Access to Capital and Contracts. To improve access to capital and state contracts, the Assembly passed bills:
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Allowing credit unions to participate in the Excelsior Linked Deposit Program (A.4970). The Assembly also fought for an additional $60 million for this program in the budget to help businesses gain greater access to capital |
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Requiring state economic development agencies to provide preferences to small businesses and entrepreneurs in the economic development assistance programs that they administer (A.521-A) |
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Assisting small high-technology companies to compete for federal funds (A.3443) |
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Facilitating the participation of minority-owned and women-owned businesses in state contracts (A.3471-A, A.8873-A, A.9067 and A.9256-A) |
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Requiring deferred installment payment plans be offered to small businesses for telephone service installation, initiation and nonrecurring maintenance charges (A.8429) |
Commercializing and Marketing New York Products. The Assembly helped expand the “I Love NY” marketing effort and create the New York State Marketing Act, which will create a master plan for marketing and boost tourism.
The Assembly also passed bills to provide funding for:
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Not-for-profit sponsors of small-scale food processing facilities to foster entrepreneurship, job development, and community revitalization. It also improves local farm sustainability by providing an outlet for farmers to sell, or add value themselves, to their farm products (A.3717-A) |
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Small businesses and research institutions in New York to translate discoveries and inventions into commercially viable products (A.6431-A) |
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Commercializing energy and environmental technology innovations in-state (A.6758-A) |
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Competitive manufacturing grants to stimulate research, applied technology and manufacturing in New York State (A.5759-B, authored) |
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The Research and Development Fiscal Accountability Act, which provides reporting requirements for science and technology programs to measure their visibility in advancing the economic development goals of New York State (A.6633-B, authored) |
Removing Barriers to Doing Business. To provide technical assistance and level the playing field for small businesses, the Assembly passed legislation:
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Creating the micro business outreach center and program to provide a resource for small businesses (A.6704-A) |
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Encouraging joint ventures, partnerships and mentor-protégé relationships between prime contractors and minority and women–owned business enterprises (A.6527) and establishing a mentor–protégé program for small–, minority– and women–owned businesses (A.9068) |
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Improving the outreach efforts of the Department of Economic Development’s Divisions for Small Business and Minority and Women’s Business Development (A.9070) and creating state and regional Minority and Women Business Enterprise (MBWE) advocates (2006-2007 Budget) |
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Making the MWBE certification process more efficient by streamlining state, federal and municipal procedures (2006-2007 Budget) |
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Increasing money for the MWBE program by establishing a specific MWBE implementation fund (A.1622-A) |
