O'Mara Calls For Tax Cut For Manufacturers
February 10, 2013
ELMIRA, NY - State Senator Tom O Mara (R, Big Flats) has introduced legislation calling for a tax cut for manufacturers statewide.
"It's time to try something bold for the upstate economy," said O'Mara. "Government can help lead that effort by cutting taxes. We can start with this pro-job, pro-private- sector, pro-manufacturing tax cut.
The legislation (S.3562/A.3342) proposes a two-year phase-out of the state's corporate franchise tax on manufacturers, large and small. It would benefit manufacturers in New York with savings of an estimated $300 million annually and potentially more -- once it's fully effective by allowing companies that are principally engaged in manufacturing to be exempt from 50% of the franchise tax in the first year and completely exempt in two years.
O'Mara said that their proposal could create upwards of 3,000 good-paying, private-sector jobs over the next few years, encourage existing manufacturers to expand and invest in their New York facilities and make the state a more attractive place for other manufacturers to locate their operations here in the future.