Relief For Small Businesses From Washington, Albany

Small business tax breaks to encourage development of new jobs are addressed in separate legislative packages proposed by Congressmember Joseph Crowley and state Senator Frank Padavan.

Small business tax breaks to encourage development of new jobs are addressed in separate legislative packages proposed by Congressmember Joseph Crowley and state Senator Frank Padavan. Crowley said in a release that legislation giving small businesses a tax cut to encourage creation of jobs had been passed by the Ways and Means Committee, of which Crowley is a member.

The bill, if approved, would also facilitate passage of a minimum wage increase, Crowley said.

Meanwhile, Padavan (R- C, Bellerose) and the Republican senate majority has passed legislation which would provide almost $500 million in new assistance to small businesses in the first year and almost $1.3 billion after fully implemented.

Padavan said that since the small business aid legislation was announced a month ago, "countless small businesses from all over New York have congratulated us for an incentive package that would bolster New York's economy and provide muchneeded relief to its small businesses".

In Washington, Crowley reported that last month the House passed legislation raising the minimum wage from $5.15 to $7.25 an hour. But the bill stalled in the Senate, reflecting concern from business groups that the minimum wage hike would hurt small businesses.

Following negotiations between the two houses, an agreement was reached on a new bill that would enable small businesses to create and keep jobs and will provide the framework for Congress to act soon and raise the minimum wage.

Summing up, Crowley stated, "This bill is responsible legislation that will help ensure our lowest paid workers get a pay raise, while giving a boost to the smaller businesses that provide important job opportunities for millions of Americans."

The proposed tax bill will provide $2 billion in tax cuts for small businesses, Crowley said.

In Albany, Padavan reported that the state senate Small Business Assistance Plan would:

+Eliminate the income tax and corporate franchise tax on manufacturers, providing $550 million in tax relief.

+Provide a $350 million refundable tax credit to help 386,000 small businesses that employ 20 people or less.

+Reduce the corporate Franchise Tax from 7.5 percent to 6.85 percent to save businesses $150 million.

+Create an average $700 tax rebate for small businesses that pay school taxes and employ fewer than 20 people.

"This is a good plan that would provide some much-needed relief to some of the hardestworking New Yorkers- the small business owners," said Padavan.

- John Toscano