Tax Cut Proposal Would Help Small Businesses
KINGSTON, N.Y -- When it comes to running a small business, there are a lot of things an owner needs to budget for. Part of that budget is income tax.
“It’s roughly 20 percent to 30 percent in that neck of the woods for this particular business,” said Normann Staffing owner Tony Marmo.
To help business owners like Marmo, Governor Andrew Cuomo has announced a proposal to cut income tax for small businesses from 6.5 percent to 2.5 percent over a course of three years.
"That is the lowest level in 100 years for small business and we believe that is going to be a real shot in the arm to the labor market,” said Governor Andrew Cuomo.
The cut would ultimately provide $32 million in new tax relief for small businesses. Something Marmo said his company could benefit from.
“We can improve the quality of the services that we provide which will attract more people to us.”
And with more services, Marmo said the company will also be able to provide better help to job seekers and employers.
“Better pre-testing. Perhaps better service that helps people improve their resumes or improve their knowledge of computer skills. So there’s a number of things that we could do with those types of tax savings to help market more people so that they can themselves get jobs.”