Fuschillo Pushes New Job Creation Plan

A few days ago  announced a new initiative that would provide recurring tax credits for businesses that create new jobs and provide business tax relief so that small businesses can grow their operations.

"The best way to help our economy improve is by putting people back to work," Fuschillo said. "Providing incentives for small businesses to hire new employees and helping them grow by lowering their tax burden will create new jobs for local residents and get our economy back on track. Governor Paterson and our colleagues in the legislature should join us in supporting this job creation plan."

Along with community leaders and Senators Dean G. Skelos (R-Rockville Centre), Carl Marcellino (R-Syosset), and Kemp Hannon (R-Garden City), Fuschillo noted noted that job creation needs to be a priority on Long Island. According to the New York State Department of Labor, the number of people employed on Long Island dropped by 32,500 between December 2009 and December 2008. During that same time period, the region's unemployment rate rose from 5.8 percent to 7 percent.

The plan would:

• Provide Tax Credits for Creating New Jobs: Give New York employers a recurring three-year tax credit of up to $5,000 for every new job
created. Credit would be equal to amount of tax withholding for each new
job, up to a maximum of $5,000. Credit would apply only to new jobs that
expand total payroll. 
• Reduce Taxes on Small Businesses: Lower the cost of doing business
in New York State by providing business tax relief. Plan would create a
five year moratorium on any new taxes or fees on small businesses and
manufacturers and accelerates the phase-out of the personal income tax
increase on small businesses that is scheduled to expire at the end of next
year. In addition, the plan eliminates the corporate franchise tax for
small businesses which have 50 employees or less and a net income of less
than $2 million. Reducing costs will help small businesses grow and create
jobs for local residents.
• Cut the Red Tape: To help reduce bureaucratic red tape on small
businesses, the plan would place a moratorium on new business taxes, fees,
and regulations from state agencies. Plan would also create a new
commission to identify and make recommendations about ways to streamline
and/or eliminate the most costly and counter-productive regulations.
• Enact a Cap on State Spending: The plan would impose a
constitutional cap on state spending to help ensure the state lives within
its fiscal means, which will improve the state's overall economic climate.
Senators Skelos, Fuschillo, Marcellino, and Hannon have repeatedly called
on Albany to enact a state spending cap. Governor Paterson has also
advocated for a state spending cap.

Ron Mare, the newly installed president of the Chamber of Commerce of the Bellmores said, "tax cuts put more money in entrepreneur's hands. This then allows them to invest in their own businesses, which creates growth and new jobs. If we look at history, President Kennedy and President Reagan proved that tax cuts create growth. Please keep in mind that the small business owner will come up with the new ideas and programs that will pull this country out of the current  recession."