On Tuesday, the Senate’s Republican Majority announced the introduction of the New Jobs-NY Job Creation Plan, which is intended to promote job creation and economic growth. The Senate is expected to bring the bill up for a vote later this week.
The legislation (S.7448, Skelos) includes the following provisions:
- phases out the corporate franchise tax and personal income tax for manufacturers;
- repeals the 18a surcharge on utility bills, which is set to expire in 2014;
- creates a beer production tax credit
Unshackle Upstate has long advocated for much-needed tax cuts for the businesses and taxpayers across Upstate. We are particularly pleased that the Senate’s bill would reduce taxes on manufacturers and also eliminate the onerous, hidden 18a energy surcharge a full year earlier than its scheduled expiration.
If New York’s leaders are serious about improving the state’s economic outlook and changing the way the world views us, New York will enact this legislation.