Assemblyman Michael Montesano (R,C,I-Glen Head) is cosponsoring legislation to enact the “New York State Small Business Tax Reform Act” to alleviate state tax burdens placed on small businesses across New York State.
The bill would provide tax cuts to select businesses based on their current taxation and expand the income level to be eligible for cuts ranging from $290,000 to $500,000.
“Small businesses are the backbone of our state’s economy, and it is critical that we adopt measures to help them grow and expand in our communities,” said Montesano. “Currently, the economic climate and regulations are stifling the prosperity of small businesses, and many are being forced to close their doors. This legislation takes steps to reverse this trend and alleviate the burdensome taxes business owners are faced with.”
The newly-introduced legislation has support from both sides of the aisle and is currently awaiting action from the Assembly Committee on Ways and Means.