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albany2_120Senator Mike Nozzolio announced this week that he and his colleagues in the New York State Senate will continue their strong focus on job creation and economic growth by adopting legislation next week to implement the 2012 NEW JOBS-NY Job Creation Plan.  The Senate’s comprehensive plan will help create thousands of new private sector jobs by delivering tax relief to small businesses and manufacturers, reducing energy costs, and enacting major fiscal reforms to make New York State more economically competitive.

“Working with Governor Cuomo, my Senate colleagues and I have reduced State spending for two years in a  row, prevented any new or increased taxes, and provided tax cuts to families and small businesses.  Now, we are taking another major step forward in addressing the most pressing challenge in New York’s economic recovery- the creation of new jobs,” said Nozzolio. “The New Jobs-NY plan will build on the historic progress we achieved during the last two years by creating thousands of new jobs through cutting taxes, controlling spending and making New York more economically competitive.”

Highlights of the Senate’s job creation plan, which is being strongly supported by statewide pro-taxpayers, pro-jobs organizations such as Unshackle Upstate, the National Federation of Independent Businesses, the Business Council of New York and the Manufacturers Association of Central New York include:

  • Eliminating Taxes On Manufacturers: The plan would spur creation of thousands of manufacturing jobs by eliminating income taxes paid by manufacturers over a three year period ($495 million in tax relief).
  • New Job Creation Tax Credits: The Senate’s plan offers incentives for employers to expand their workforce by establishing a tax credit of up to $5,000 for every NEW job created, and up to $8,000 if the job is filled by someone who is collecting unemployment. The plan also helps New York’s heroic servicemen and women find job opportunities by creating an enhanced credit of up to $10,000 per year to any business that hires a veteran returning from military service.
  • Tax Relief For Small Businesses: Cuts corporate taxes by 20% for small businesses and provides a 10% income tax credit for small businesses with an income of less than $250,000.00.
  • Eliminate The Utility Tax Hike: In 2009, when New York City legislators controlled State government, they forced through a disastrous 2 % surcharge on utility bills that has cost families and businesses over $1.2 billion.  The Senate’s proposal would repeal this outrageous, job-killing energy tax.
  • State Spending Cap: The will cap the growth of State spending at 2 percent or to the rate of inflation to ensure future State budgets will be held to the same standard of fiscal accountability the Senate worked to restore over the past year.
  • Constitutional Amendment To Help Prevent Tax Increases: This Constitutional Amendment would require a two-thirds “super majority” vote, rather than a simple majority, in order to adopt any tax increase – making it far more difficult to raise taxes.

“Once the State Senate adopts our NEW JOBS-NY plan, I look forward to working with the Governor and the State Assembly to help make these important measures a reality,” said Nozzolio. “New York has come a long way in the past two years.  By working together, I have no doubt that we can accomplish even more – especially in the key areas of job creation and economic growth.”

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