Earlier this month, the New York State legislature passed a budget that included several important tax reforms. NFIB/NY identified several of these measures as priorities in its 2014 Legislative Agenda, including reform of the estate tax, tax cuts for manufacturers, the repeal of the 18A energy tax and a rate reduction for businesses filing as corporations. The Department of Tax and Finance yesterday released a summary of provisions with a detailed description of the reforms and effective dates.
Tax reform is only one part of a necessary and critical plan to improve the outlook for small business in New York State. A breakdown of recently passed legislation showed that policies have negatively impacted small business far more often than they have helped. With only nine weeks left in the legislative session, what should Albany do to start fixing its small business problem? Leave a comment below with your suggestions.