Working Albany legislature adds up to more working New Yorkers

A Column of News & Comment  by Sen. James L. Seward

Improving our state’s economy has been tops on my list of legislative priorities for 2012, and a number of items that will help that goal have advanced through Albany and are now being put into action.

The foundation was actually built before the start of this year’s legislative session when, during a special session late last year, we passed the Middle Class Tax Cut and Job Creation Plan.

The $3.3 billion cut is helping 4.4 million taxpayers statewide by bringing tax rates down to the lowest level in 58 years.

Every middle-class family is paying less in state taxes allowing them to save, spend and invest more of their hard-earned money as they see fit.

The Middle Class Tax Cut and Job Creation Plan also lowered the cost of doing business in New York state.

The corporate tax rate on upstate manufacturers was cut in half, providing $25 million in tax savings, a major boost for job creation.A job retention tax credit was also extended to businesses harmed by a natural disaster within the last year—particularly meaningful to those that were hit hard by Hurricane Irene and Tropical Storm Lee.

Fast forward to this year and the state budget.

For a second consecutive year the spending plan was put to bed early by the senate, and reduced year to year spending.

We said no to new taxes and borrowing and were still able to close more than $13 billion in budget gaps over the last two years.

We enacted key mandate relief measures like pension reform and a phased in Medicaid takeover, and we are consolidating agencies and reducing bureaucracy leading to a more cost effective state government.

New York’s solid fiscal plan translates to a better overall business environment helping attract new companies to our state.

The tax cuts mean that the private sector can spend money on expansion and add employees bettering the job outlook for our young people who want to stay here and raise a family.

Another measure that is leading to an improved business climate is the Recharge-NY low cost power program.

When I helped establish New York’s original low cost power plan, Power for Jobs, the goal was simple – help businesses afford to operate and grow in the Empire State.

Recharge-NY builds on that objective and is an important piece of an overall plan to lower the cost of doing business, retain and create jobs and move our state forward.

A second round of allocations was recently approved by the New York Power Authority (NYPA) Board of Trustees to bring the total support provided by Recharge-NY to 602 businesses and 76 not-for-profits.

Those enterprises are expected to commit to retain nearly 385,000 jobs and undertake billions of dollars in capital investments.

The NY-Works initiative is another positive measure that is paying dividends statewide.

The job creating tool has spawned 2,400 jobs right here in the 51st senate district invigorating the local economy.

Road and bridge improvements happening through NY-Works help existing businesses expand and offer new companies an incentive to locate here.

Brian Sampson, executive director of Unshackle Upstate, a bi-partisan coalition of over 80 business and trade organizations representing upwards of 70,000 companies and employing more than 1.5 million people, said, “With the 2012 legislative session now complete, Unshackle Upstate sees it as another step forward toward efforts to strengthen New York’s economy and our communities.”

Albany is functioning, and New York State is moving in a positive direction thanks in a large part to measures that improve our business climate and clear the way for private sector job growth.

The job is not finished though, and I look forward to continuing to promote legislation vital to our partners in the business community.

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