NFIB Applauds Small Business Tax Relief, Disappointed with Lack of UI Funding
ALBANY (Jan. 18, 2022) – The National Federation of Independent Business (NFIB), New York’s and the nation’s leading small business organization, released the following statement today by NFIB State Director Ashley Ranslow in reaction to Governor Kathy Hochul’s 2022-2023 Executive Budget Proposal:
“NFIB applauds the Governor’s proposal, which includes no new taxes or fees, provides targeted small business tax relief and tax credits, and accelerates the phase-in of middle class tax cuts benefiting the majority of small businesses that pay taxes through personal income taxes. For almost two years now, small businesses have suffered immensely from the economic fallout of the pandemic with no end in sight. Historic labor shortages, rising inflation, supply chain disruptions, increased labor costs, and uncertainty continue to hammer small businesses, and they are in desperate need of additional relief. Small businesses are buckling under the weight of enormous Unemployment Insurance tax bills, which will continue for years without action from New York State. With record levels of federal aid and higher-than-anticipated revenue, the State must and should allocate billions to address New York’s outstanding UI debt. This is not a can that the State should kick down the road; otherwise, small businesses will pay the price in increased federal UI taxes and special assessments, on top of the highest possible state UI tax rates. NFIB looks forward to working with the Governor, Senate, and Assembly to tackle New York’s UI Trust Fund crisis.”
As the Governor, Senate, and Assembly negotiate the final 2022-2023 NYS budget, the state must allocate billions to the Unemployment Insurance system to help lower UI taxes and address the state’s significant UI debt. Take action and tell Albany to fix UI now!
