Palmesano: We Need To Drop Franchise Tax
Corning Republican Palmesano Backs O'Mara's Legislation To Cut Taxes on Manufacturers
February 11, 2013
CORNING, NY - Assemblyman Phil Palmesano (R, Corning) is working with State Senator Tom O'Mara (R, Big Flats) to phase out the franchise tax on manufacturers over two years. Phasing out this tax would save New York manufacturers upward of $300 million a year and lead to 3,000-plus well-paying jobs.
“I am very happy to join Sen. O’Mara and Assemblymembers Schimminger, Kolb and Oaks in acting as a sponsor of this legislation,” said Palmesano. “In the Southern Tier and Finger Lakes Regions, manufacturing based jobs are a huge part of our local economies. The franchise tax is a major hindrance for our manufacturers to grow and create jobs. Eliminating this costly and burdensome tax would mean more jobs, allow our current manufacturers to expand and potentially lead to more manufacturers coming to New York and boosting our state’s economy even further.”
Palmesano noted that a January report from the Tax Foundation labeled New York as having the worst business tax climate in the nation.