Senate GOP rolls out jobs proposal
Jan 27, 2010 1:29 am
From Casey Seiler in Capitol Confidential:
Promising tax cuts, a tax credit for the creation of new jobs and a moratorium on regulation, the Senate Republican conference held a press conference this afternoon to introduce its jobs plan — an alternative to Gov. David Paterson’s Excelsior program, which was detailed in last week’s state budget proposal. The Senate GOP plan’s main elements:More information about WGXC or the WGXC Newsroom at links.
*a three-year tax credit of between $2,500 and $5,000 per new job created.
*the early sunset of the temporary personal income tax surcharge on affluent New Yorkers implemented last year and currently slated to expire at the end of 2011. (Cost: $400 million.)
*the elimination of the state’s corporate franchise tax for firms with 50 or fewer employees and less than $2 million in net income. (Cost: $200 million.)
*a five-year moratorium on any new business taxes and fees.
*a five-year moratorium on any new regulations on New York companies promulgated by agencies or other oversight bodies (as distinct from regulations that emerge from legislation).
Senate Majority leader Dean Skelos, joined by more than a dozen of his members as well as representatives from business groups, said the plan would stop the flow of jobs from New York, which is expected to lose some 300,ooo jobs in 2009 and 2010.