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Chamber/MAST Commend State on Tax Agreement

Dec 19

Written by: Todd Tranum
12/19/2011 10:08 AM  RssIcon

The Chautauqua County Chamber of Commerce and Manufacturers Association of the Southern Tier commend Governor Andrew Cuomo, Senate Majority Leader Dean Skelos, and Assembly Speaker Sheldon Silver for their recent bi-partisan agreement to restructure the tax code and create jobs in New York State.
The plan cuts the corporate franchise tax for manufacturers, reduces the MTA payroll tax for small businesses, and includes the first middle income tax cut for New Yorkers in over 50 years.  
In addition, the agreement creates a $1-billion infrastructure fund to create jobs by rebuilding roads, bridges, parks, flood control projects, and upgrade water systems and educational facilities. The New York Works Infrastructure Fund will focus on projects that support regional Economic Development Plans. Financing for the fund will come through a combination of private investment, state funding through pension funds, the Port Authority, and moving up capital projects that were planned for later years. 
The Governor and legislative leaders have also agreed to enact a job retention credit for businesses with at least 100 employees that have retained or expanded their workforce in the wake of Hurricane Irene and Tropical Storm Lee – both natural disasters which devastated a number of communities in Eastern New York.
This sweeping reform represents opportunities to improve the business climate in New York State in a fiscally responsible manner. The fact that it is a bi-partisan agreement is a sign that our governmental leaders are serious about creating a structure that truly restores New York to its position as the Empire State: where businesses and taxpayers alike can thrive. Pro-business organizations like the Business Council of New York State and Unshackle Upstate have been working hard to encourage this type of change for some time. It is gratifying to witness this type of cooperation that encourages investment, eases the financial burden on business owners and middle-income New Yorkers, and creates jobs. 

 

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