Last week, the Senate approved the New Jobs-NY Job Creation Plan, which will promote job creation and economic growth by providing tax relief for small businesses and manufacturers, and reducing energy costs.
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; and
- expands the Empire State Film Production Credit.
Unshackle Upstate has long advocated for much-needed tax cuts for small businesses and manufacturers. We are also very supportive of the Senate’s plan to eliminate the onerous, hidden 18a energy surcharge two full years earlier than its scheduled expiration.
We call on the Assembly to act quickly to enact this measure into law and provide much-needed tax relief.