State Sen. Tom O’Mara has introduced legislation calling for a major tax cut on New York manufacturers.
O’Mara, R-Big Flats, billed the measure as a cornerstone of a renewed state commitment to upstate New York manufacturing.
“It’s time to try something bold for the upstate economy,” O’Mara said. “I believe it starts with a revitalized upstate manufacturing sector. Manufacturing has always been the economic engine of many upstate communities, and I believe it remains our best hope for revitalization. Government can help lead that effort by cutting taxes. We can start with this projob, pro-private-sector, promanufacturing tax cut.” O’Mara’s proposed legislation, which he said has strong bipartisan support in the Legislature, proposes a two-year phase-out of the state’s corporate franchise tax on manufacturers. O’Mara said it would save New York manufacturers $300 million annually by allowing manufacturers to be 50-percent exempt from the tax in the first year and completely exempt in two years.
The legislation has the potential to create upward of 3,000 well-paying jobs over the next few years, O’Mara said. It would also make New York a more attractive place to do business – the state’s manufacturers currently pay some of the highest taxes in the industrialized world, O’Mara said.
“We have to do better,” O’Mara said. “We have to send an even stronger message that New York’s serious about business. We need newer and bolder steps to keep building on the efforts of the past two years to turn around the upstate economy, strengthen manufacturing, create good jobs and revitalize upstate regions like our own.”
New York’s manufacturing sector produces nearly $70 billion of goods annually and supports more than 1.1 million jobs statewide. Many believe manufacturing is positioned for growth, with some help.
The legislation is sponsored in the Assembly by Assemblyman Robin D. Schimminger, D-Kenmore, who chairs the Assembly Economic Development, Job Creation, Commerce and Industry Committee.
State Sen. Tom O’Mara has introduced legislation calling for a major tax cut on New York manufacturers.
O’Mara, R-Big Flats, billed the measure as a cornerstone of a renewed state commitment to upstate New York manufacturing.
“It’s time to try something bold for the upstate economy,” O’Mara said. “I believe it starts with a revitalized upstate manufacturing sector. Manufacturing has always been the economic engine of many upstate communities, and I believe it remains our best hope for revitalization. Government can help lead that effort by cutting taxes. We can start with this projob, pro-private-sector, promanufacturing tax cut.” O’Mara’s proposed legislation, which he said has strong bipartisan support in the Legislature, proposes a two-year phase-out of the state’s corporate franchise tax on manufacturers. O’Mara said it would save New York manufacturers $300 million annually by allowing manufacturers to be 50-percent exempt from the tax in the first year and completely exempt in two years.
The legislation has the potential to create upward of 3,000 well-paying jobs over the next few years, O’Mara said. It would also make New York a more attractive place to do business – the state’s manufacturers currently pay some of the highest taxes in the industrialized world, O’Mara said.
“We have to do better,” O’Mara said. “We have to send an even stronger message that New York’s serious about business. We need newer and bolder steps to keep building on the efforts of the past two years to turn around the upstate economy, strengthen manufacturing, create good jobs and revitalize upstate regions like our own.”
New York’s manufacturing sector produces nearly $70 billion of goods annually and supports more than 1.1 million jobs statewide. Many believe manufacturing is positioned for growth, with some help.
The legislation is sponsored in the Assembly by Assemblyman Robin D. Schimminger, D-Kenmore, who chairs the Assembly Economic Development, Job Creation, Commerce and Industry Committee.
