The people of New York State deserve job security today, financial security tomorrow and opportunities for their children in the future. Other states are taking bold action to improve the business climate, and New York must act to make our state and our businesses more competitive with other states and the rest of the world. We need to do more to help businesses and create new jobs – especially in light of the economic and financial distress we are facing right now. I recently introduced a plan to cut business taxes and reward companies that create new jobs. It is a better, smarter plan to help businesses – especially small businesses and manufacturers – across the state. My plan would redirect funding from the Empire Zone program that is scheduled to expire in 2011. It would also reform the Empire Zone program to ensure that more jobs are created by businesses that receive Empire Zone benefits. My plan is a better way to create jobs. It would be fairer for businesses that want to grow and it would be more accountable for taxpayers. It would also provide strong incentives for young people to stay and work in New York. Specifically, my job creation plan would: - Reduce state taxes in half for small businesses & eliminate corporate taxes for small manufacturers. These are businesses with 20 or fewer employees or less than $1 million in net income – and they are responsible for most of the job creation that takes place in New York State. - Create the IMAJIN tax credit that would be based on a manufacturer’s creation of new jobs and the amount of personal income taxes generated from those jobs. - Help small businesses obtain loans through a state loan guarantee program; - Reduce health insurance costs for small businesses by expanding the Healthy NY program; - Expand tax credits for investments by emerging technology businesses; - Provide low cost student loans and create a tax credit to offset loan costs if you go to college in New York and work here for 10 years. - Eliminate state regulations, red tape and paperwork through a Berger-style commission; and - Give local governments greater authority to provide tax breaks for community and neighborhood revitalization projects. Opportunities for real growth lie ahead. My job creation plan includes real solutions for businesses today and hope for tomorrow.
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