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Tuesday, 11 January 2022 12:53

NY Gov. Proposes Tax and Regulatory Relief for Small Businesses

Written by Steve Bittenbender, The Center Square
New York Gov. Kathy Hochul talks to reporters Oct. 5 in the Red Room at the state Capitol in Albany, NY. New York Gov. Kathy Hochul talks to reporters Oct. 5 in the Red Room at the state Capitol in Albany, NY. Mike Groll/Office of Gov. Kathy Hochul

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New York Gov. Kathy Hochul wants lawmakers to help the state’s small businesses recover from the COVID-19 pandemic.

She outlined a multifaceted plan for small and emerging businesses in her State of the State speech Jan. 5 that included tax and regulatory relief. In addition, Hochul’s plan calls for offering loans at reduced interest rates and contracting opportunities to socially and economically disadvantaged businesses.

 

There are also initiatives to provide funding for early-stage businesses to try to keep those emerging enterprises in the state.

 

A cornerstone of the plan, being tabbed as the “Billion Dollar Rescue Plan,” is $100 million in tax relief for 195,000 small businesses. Hochul wants to achieve that through reforms that will widen eligibility and increase tax return adjustments that reduce gross income.

 

“These businesses are the economic engines of small towns and big cities alike,” the governor said. “They’re what make our communities unique and give them personality.”

 

Another proposed tax credit that would help some small businesses is one for restaurants and bars to offset costs they’ve incurred to offer outdoor dining to their patrons.

 

Restaurants and bars also stand to benefit from a regulatory reform Hochul has prioritized for this year’s legislative session. She wants lawmakers to pass this year include allowing those establishments to sell alcoholic drinks as part of “to-go” orders.

 

The state temporarily waived the prohibition during the early stages of the pandemic when restaurants were forced to close to in-person dining. It also helped keep many establishments afloat as they endured restrictions on indoor dining.

 

The permanent repeal of the “to-go” sales ban has been a priority for the New York State Restaurant Association. In a statement, its president and CEO thanked Hochul for making it a priority.

 

“These are difficult times that are not letting up,” Melissa Fleischut said. "The restaurant industry is being battered once again by...


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