Enough Already NY

New York State has a reputation for high taxes. This has limited growth in the state and negatively impacts the creation of new jobs. However the passage of the NYS job creation and taxpayer protection act helps to improve this situation. Here’s how.

This act is a three part plan which encourages the creation of new private sector jobs as well as helping to ensure fiscal responsibility. A key component of this plan includes the provision for a two percent state spending car and the requirement for a 2/3 majority vote in order to increase taxes.

Residents in NYS need this relief and the passage of this act should play a key role in improvements in job creation and tax relief in the state. Here are some important details regarding this important initiative.

It is very important for NYS to retain small businesses and encourage them to expand their operations and hire new employees. Up to this point, businesses have left the state because the government spends too much and taxes these businesses unfairly.

The new act corrects much of these issues and provides the means for New York to become more economically competitive. It provides businesses with a three tax credit of up to $5,000 for each new job created. The act also eliminates taxes for small businesses and manufacturers who pay state corporate franchise taxes.

It also places a moratorium on new taxes which are having a negative effect on new job creation in the state. The tax credit could grow an additional $3,000 if the new hires are taken from the ranks of unemployed or those who are collecting unemployment insurance from the State. This important aspect would help to reduce unemployment costs now borne by the taxpayers.

The important features and initiatives in the act should play a key role in the creation of new jobs and keep businesses in NYS. It will very much reward those businesses who are willing to expand and hire new employees and are a win-win situation for all parties concerned.

Another key feature of the plan includes a moratorium on any new business taxes and fees. It also eliminate the corporate franchise fee for hundreds of small businesses within the state who have less than 50 employees and less than $2 million in net income.

This important jobs creation measure would also prohibit the State from instituting any new regulations on New York companies and would create a commission who would have the power to eliminate regulations which are hindering the effective operation of businesses.

Another important aspect of this bill includes the state spending cap. It is set at 2 percent or 120 percent of the CPI whichever is lower. This helps to ensure that the state reduces its spending and stays within established budget.

And once deficits are repaid, a portion of tax revenue in excess of the cap can be returned to taxpayers in the form of direct tax rebates.

And lastly the new act requires a supermajority vote in order to enact tax increases. This is a vital piece of legislation and is an important way of managing the tax burden. The state government must find ways to operate more efficiently and reduce the tax load on its citizens. This act addresses those issues and institutes important initiatives in helping businesses within the state expand.