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September 18, 2018

Business Incentives, Tax Reductions Pass in Albany


By Assemblyman Will Barclay
There were a number of pro-business policies enacted this year in Albany.  I’m pleased to announce the Foreign Trade Zone in Central New York will expand.  The Governor recently signed this legislation that I co-sponsored into law to help draw more businesses to Central New York.

The Foreign Trade Zone, established at Syracuse Hancock International Airport, will expand to include Oswego, Cayuga and Madison counties.

This policy aims to incentivize international trade and create jobs and investment here, rather than abroad. In certain cases, there are tariffs (taxes on imports or exports) that penalize companies for making their product in the United States. Foreign Trade Zones aim to eliminate some of these tariffs and provide advantages to domestic manufacturers.

It will broaden possibilities for more manufacturers to locate to our area and strengthen our region as we seek to add jobs to the local economy. When companies consider sites to expand or relocate, they have to consider the cost of everything, not the least of which is taxes. This expanded Foreign Trade Zone will provide our region with an advantage, moving forward in our global economy.

Regional Economic Development to invest in local projects

The second round of the Regional Economic Development Councils’ grants was announced.  This program makes up to $750 million in state funding and tax incentives available.

The new round’s focus is expected to invest in locally significant projects. Interested businesses must fill out the Consolidated Funding Application (CFA). Workshops are being held throughout the region.  One will be held May 30 at SUNY Oswego’s Lanigan Hall from 1 p.m. to 3:30 p.m.

The $750 million available through the Regional Economic Development Councils and Consolidated Funding Application provide a great opportunity for our local job creators not only to increase their own success, but help revitalize our communities.

The CFA enables businesses to apply to multiple agency funding sources through a single, web-based application. This year’s CFA provides access to 21 programs across a dozen state agencies. For application materials, 2012 Regional Council Guidebook, CFA Available Resource Guide and calendar of CFA workshops, please visit. www.nyworks.ny.gov

Jobs Now awarded funding in budget

One of Empire State Development’s programs received a boost this year.  I was happy to support Jobs Now in the state budget.  New funding was made available for Jobs Now as well as the Economic Development Fund.  These programs support the creation of new businesses in NY and the expansion of businesses.  The Empire State Development site has been significantly updated since the budget passed. I encourage you, especially if you are in business or considering starting a new one, to visit http://www.esd.ny.gov/BusinessPrograms.html

Middle Class Tax Break Provides Small Business Tax Break too

The Middle Class Tax Break, which passed in December, reduces the tax rates for middle income taxpayers. The bill provided for $700 million in tax cuts for middle income taxpayers, which includes small businesses that file under their personal income taxes.

Middle income taxpayers are estimated to save an average of $155 annually through the reduced tax rates and approximately 4.5 million taxpayers will see savings from the reduced tax rates.

This special session of the legislature in December also reduced the manufacturing tax rate for certain manufacturers by 50% for taxable years 2012, 2013, and 2014. Qualified manufacturers are determined by the Department of Tax & Finance and will be identified by regional need, population decline, median income of the region, unemployment of the region, and the manufacturer’s economic impact on the region.   This provision is designed to keep struggling manufacturers in New York State to help ease losses suffered during the recession.

If you have any questions or comments on this or any other state issue, or if you would like tobe added to my mailing list or receive my newsletter, please contact my office.  My office can be reached by mail at 200 North Second Street, Fulton, New York 13069,by e-mail at [email protected] by calling (315) 598-5185.  You may also friend me, Assemblyman Barclay, on Facebook.

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