With the ongoing COVID-19 pandemic and its lasting effects, the last two years have brought no shortage of challenges to our state. While we’ve made significant progress in building back our communities, there’s more work to be done during this year’s legislative session to ensure Central New York gets the resources we need to thrive. Thanks to legislative efforts and federal support, the state’s financial outlook is optimistic going into next year’s budget discussions. I’ll continue working with my Assembly colleagues to enact policies that make a real difference in our lives.
As chair of the Assembly Small Business Committee, I’ve sponsored several bills to help local businesses through these trying times and move into the future. Small businesses are the backbone of our state’s economy, which is why it’s been a top priority for me to help provide them with the best opportunity to succeed. As a former small-business owner, I know firsthand the hard work it takes to overcome challenges to keep the doors open. I’m confident we can build back stronger by easing the tax burden businesses face, spurring new investment in Central New York and across the state.
New York has a rich history in manufacturing, and these industries continue playing a vital role in our economy. To support existing manufacturers and attract new developments, I’m sponsoring legislation that would extend the 0% corporate franchise tax rate for all manufacturers (A.3734). State lawmakers previously set this reduced tax rate for manufacturers organized as a C corporation, which only includes about a quarter of manufacturers in New York. According to a recent report by The Beacon Hill Institute, extending the 0% corporate franchise tax rate to pass-through manufacturers, also known as partnerships, is estimated to generate almost 4,700 jobs and increase investments by around $120 million within the first year. Passing this legislation would make New York a premier destination for manufacturing and encourage growth.
Energy efficiency enhancements is a smart investment for local businesses because it helps reduce utility costs while protecting our precious natural resources. Encouraging small businesses to undertake these projects is a win-win, which is why I’m sponsoring a bill establishing the Small Business Energy Loan Fund (A.6480). Small-business owners in economically distressed areas could secure zero- or low-interest loans from this proposed fund for energy efficiency projects.
Providing similar incentives for residents to transform their house into a “green” home would be achieved through another bill that I’ve sponsored. The legislation would establish a green building credit for construction or rehabilitation of houses that a homeowner certifies as meeting Leadership in Energy and Environmental Design (LEED) or National Association of Home Builders’ green program standards (A.4425). While green building tax credits are available to homeowners, this legislation simplifies the existing process that’s too complex for most people. We must remove barriers to these vital tax credits, allowing homeowners to save money while going green.
If you have any questions or concerns about these or any other community issues, please reach out to my office at 315-452-1115 or StirpeA@nyassembly.gov.