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Tuesday, 11 January 2022 20:53

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

Index

...another wave of COVID-19, colder weather restricting dining options and widespread staffing challenges. New York State must find ways to support the industry.”

 

More than three-quarters of New Yorkers support alcohol to-go, Fleischut said.

 

Hochul also wants to create an interagency council that would bring together representatives from Empire State Development, the State Department of Transportation, the Thruway Authority, the Metropolitan Transportation Authority and the Port Authority of New York and New Jersey to find ways to encourage more women-owned and minority-owned businesses to participate in state projects that will get funding from the $1.2 trillion federal infrastructure bill Congress passed in November.

 

The National Federation of Independent Business issued a statement Jan. 5 supporting Hochul’s plans for small business and middle-class tax relief, noting more than 60% of small businesses are “pass-through entities,” meaning all of the company’s income is passed directly to the owner.

 

The proposed grant and lending programs will also help, said NFIB New York State Director Ashley Ranslow. However, Ranslow said more needs to be done to lift the burden off small businesses.

 

Namely, that means fixing the state’s unemployment insurance program.

 

“Sky-high unemployment insurance taxes are crushing small businesses and suppressing Main Street’s revival,” Ranslow said. “New York State must allocate billions of dollars in unspent federal aid to help lower small businesses’ UI taxes and restore the drained unemployment insurance system.”

 

We thank The Center Square for reprint permission.

 

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