Statement from Carlo A. Scissura, President & CEO of the Brooklyn Chamber of Commerce, Regarding Governor Andrew Cuomo's Tax-Relief Plan for Businesses:
"The Brooklyn Chamber of Commerce stands with Governor Andrew Cuomo in support of his tax proposals aimed at lowering the cost of doing business and encouraging job growth in New York State. His plan to slash taxes and streamline the process comes as a relief to businesses in Brooklyn and throughout New York State. Governor Cuomo's recommendation to merge the bank tax into the corporate franchise tax and lowering the cost for the manufacturing sector will serve as an incentive for new businesses to open and existing ones to prosper. Governor Cuomo's plans will come as a relief to many of our members, a majority of whom are small businesses owners and self-employed workers. For example, the plan to lower the cost of doing business for manufacturing firms will help the economy grow. The creation of a refundable credit against corporate and personal income taxes that would be equal to 20 percent of a firm's annual real property taxes would provide $136 million in tax relief to the manufacturing sector. Brooklyn's economy has seen a rise in manufacturing jobs over the past few years - particularly in the areas of food and beverage as well as design - and these proposals will only help to build on top of those successes. Indeed, these are just the proposals Brooklyn, New York City and New York State need to grow the economy, help in the creation and expansion of small businesses and develop more employment opportunities for New Yorkers."