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Assemblymember Gabryszak announces NYS Budget passes Assembly |

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Assemblymember Gabryszak announces NYS Budget passes Assembly
Assemblymember Gabryszak announces NYS Budget passes Assembly

Includes tax incentives for business, tax cuts for middle-class families

Assemblymember Dennis H. Gabryszak (D-Cheektowaga) announced today that the New York State Assembly has approved the 2013-2014 budget, on time for the third consecutive year.  

“I applaud my colleagues in the legislature for their hard work and tireless effort in closing a $1.3 billion budget gap,” Assemblymember Gabryszak said. “This year’s budget will help area businesses create jobs and provide much needed tax relief for Western New York families.”

The budget sets aside $50 million in funding for the New York State Innovation Venture Capital Fund, a program that will provide funding for early-stage investments. Businesses will have the ability to transition from the research and development stage to commercialization.

Also included in the budget is The Business Incubator and Innovation Hot Spot Support Act that will designate ten high-tech business incubators to encourage growth and partnership between the private sector and colleges and universities. Companies in the beginning stages of development will be eligible for tax grants and incentives and will have access to marketing and technical training.

“As Chair of the Task Force on University-Industry Cooperation, I recognize the importance of collaboration between business and higher education,” Assemblymember Gabryszak said. “It’s important that we provide incentive for students and graduates with innovative ideas to stay in New York. The Innovation Venture Capital Fund and the Business Incubator and Innovation Hot Spot Support Act will help keep the entrepreneurial spirit thriving in New York State.”

The budget also creates tax credits for area businesses that hire veterans. The credit would equal 10 percent of wages to be paid to a qualified veteran, for the first full year of employment, or 15 percent of the wages if the veteran is disabled, for the 2015-2016 taxable years.

“Many veterans are struggling to find employment,” Assemblymember Gabryszak said. “Men and women who valiantly defended our country deserve the ability to find employment and this tax credit will help afford them more of an opportunity to do so.”

In addition to creating tax credit incentives for businesses, the budget includes a three year extension on tax cuts for middle-class families. This tax cut was first applied in 2012, making it the lowest tax rate for families in New York State in 60 years.

 

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