On Nov. 25 New York State Assemblyman Steve Stern (D-Dix Hills) and Suffolk County Executive Steve Bellone (D) unveiled a series of state legislative proposals intended to help small businesses on Long Island.
“Small businesses are the lifeblood of our local economy,” Stern said. “They employ half of New York’s private sector workforce and generate nearly $190 billion in payroll receipts, according to the Small Business Administration. Given these statistics, it is imperative that New York State move forward with a business-friendly agenda that supports local economies and fosters our suburban neighborhood quality of life.”
The announcement was held at Bon Bons Chocolatier, a local family-owned business located in the heart of downtown Huntington for 40 years. The announcement came just prior to Small Business Saturday, Nov. 30, which encourages consumers to shop locally at the start of the holiday shopping season.
In addition to the owners of Bon Bons, the officials were joined by a host of local chambers of commerce and business advocacy organizations including representatives from the Long Island Association, Long Island Business Council, Long Island African American Chamber of Commerce, Suffolk County Alliance of Chambers of Commerce, Huntington Township Chamber of Commerce and Melville Chamber of Commerce. They all applauded the initiatives and welcomed the extra exposure and promotion for small local businesses as the holiday shopping season kicks off.
“Small businesses are vital to our downtown communities. Not only are they the backbone of our local economy, they are what makes Long Island such a vibrant place to live, work and raise a family,” said Bellone.
“Small businesses are vital to our downtown communities. Not only are they the backbone of our local economy, they are what makes Long Island such a vibrant place to live, work and raise a family.”
“The new measures Assemblyman Stern has laid out will help strengthen our brick and mortar shops and ensure they have the tools and resources they need to thrive.”
The business-friendly agenda, which will be up for consideration when the New York State Legislature re-convenes in January, includes the following innovative legislative proposals:
• SMALL BUSINESS INCOME TAX EXEMPTION EXPANSION: increases the corporate tax threshold by $100,000 for businesses and farms that employ at least one person and lowers the rate from 6.5 to 4 percent. Coupled with other incentives, these changes are estimated to save small businesses $300,000,000 statewide (A.6309).
• NEW YORK STATE INNOVATION VOUCHER PROGRAM: provides direct funding to eligible small businesses with dollar-for-dollar matching funds to acquire expertise from our outstanding local colleges and universities, government laboratories and public research institutes and facilitate innovation and job creation in New York State (A.45).
• REDUCING COMMUTING COSTS AND BUSINESS EXPENSES THROUGH TAX INCENTIVES: designed to enable workers to offset commuting costs (by as much as $265 per month) and save employers through reduction of payroll tax liability; this plan may also reduce traffic congestion and pollution with mass transit incentives. (A.7264).
• SMALL BUSINESS TAX-DEFERRED SAVINGS ACCOUNT PROGRAM: allows small businesses with 50 or fewer employees to deposit profits into a tax-deferred savings account as an incentive for both job creation and economic development in New York State (A.7693).
• FUTURE OF WORK COMMISSION: to study and research the impact of technology on workers, employers and the economy of the state of New York and develop a plan to keep the state’s economy competitive, durable, equitable and sustainable while protecting and strengthening middle-class jobs for a new generation of New Yorkers (A.8446).
The proposals, officials said, all represent “outside the box” approaches to help retain our existing businesses and attract new ones through a combination of tax incentives, collaborations with colleges, universities and research institutions and proactive anticipation of new technological advancements.
“Small businesses are the backbone of Long Island’s economy and thus I commend Assemblyman Stern’s plan to lower taxes and reduce costs that would help these companies grow and succeed,” said Kevin Law, president and CEO of the Long Island Association.
The Suffolk County Alliance of Chambers of Commerce stated that brick and mortar businesses, offices, manufacturing and service contractors are at a disadvantage when the economy turns. The proposed legislation, they said, allows small businesses the opportunity to save “tax free” in good times and establish that rainy day account.
“As policy makers, we have an obligation to listen to the concerns of our local business community and work together to create a business-friendly environment to keep our homegrown workforce on Long Island both now and for generations to come,” Stern said. “I am proud to support these innovative measures, which are key to sustaining and growing our local economy, and I urge my colleagues in the State Legislature to do the same.”