SENATOR HANNON’S NEW JOBS FOR NEW YORK PLAN
I've proposed new steps for job creation in New York, additions to build on recent initiatives and add growth to our economy.
This past legislative session, I partnered with my Senate colleagues to continue aggressive job-creation policies, for much-needed new jobs on Long Island. I will continue the fight to bring new jobs and opportunities home to the superbly-educated workforce on Long Island.
My new jobs plan calls for job-creating tax credits, tax cuts and investment pools for small businesses, and investment in Long Island’s resources.
In an aggressive effort to encourage job growth and to get our economy moving, the Senate passed a “New Jobs-NY” plan, which includes the following job-creation measures:
· Hire-Now-NY – for each new job created, a business receives a tax credit up to $5,000. This credit increases to up to $8,000 if the employer hires someone who is currently unemployed;
· Hire-A-Vet – provides an enhanced tax credit of up to $10,000 to a business that hires a veteran returning home from service;
· Angel Investor – creates an investment pool of $7 million to ensure start-up businesses have access to investment capital and provides a 35% credit for those who invest in the pool;
· Tax Elimination on Manufacturers – eliminating this tax will spur the creation of thousands of manufacturing jobs;
· Small Business Tax Cuts – provides for a 20% corporate tax cut for small businesses and a 10% personal income tax credit for small businesses.
I’ve passed job creating tax cuts, including a reduction in income taxes for many small businesses and the middle class, approved the “NY Works” program to help rebuild our highways, roads and bridges, and enacted an new, low-cost power program for manufacturers. With the New Jobs-NY job creation plan, which has already passed the Senate, I’m continuing to work to bring good new jobs to Long Island.