Ashby Reintroduces Bill for
$5,000 Small Business Tax Credit
Submitted by the Office of Assemblyman Ashby with Doug La Rocque
The Assemblyman’s bill seeks to establish a $5,000 small business tax credit to help with the costs of purchasing supplies and remodeling or retrofitting businesses with equipment to help prevent the spread of COVID-19. The bill has already received bipartisan support from several legislators.
“We must make every effort to help our small businesses in the recovery of our state and economy, and I believe my $5,000 small business tax credit bill can help. Our local mom-and-pop shops have gone through great efforts and expense to make their businesses safe for patrons and employees,” said Ashby. “Strategically investing in our small businesses will have a profound impact on our communities.”
Deb Alter, the owner of Small Song in Hoosick Falls, couldn’t agree more. “Anything that helps small business is welcome news.” She remembers the time last spring when many small stores like hers had to close. This was especially painful for her, because she relies on walk in trade and does not conduct business over the internet. “Companies such as Amazon have seen their business grow during the pandemic, while we suffered.” She added that keeping small businesses afloat helps the local economy, especially when they are able to hire extra help.
The need for programs for small businesses could not be higher. According to the National Federation of Independent Businesses (NFIB), 22 percent of small business owners believe they will not be able to operate longer than 12 months under current conditions. The pandemic pressures, combined with already existing stressors such as high taxes, make Ashby’s tax credit all the more needed.
Rensselaer County Regional Chamber of Commerce President Kate Manley offered her thoughts on the bill to The Eastwick Press “We applaud this bill that would provide much-needed relief to our small business community.” said Kate Manley, President of the Rensselaer County Regional Chamber of Commerce. “Our small businesses have been faced with unprecedented challenges over the past year and the proposed tax credit would allow them to continue to adapt, provide for their communities safely and thrive in the coming months. We hope the state legislature will overwhelmingly support and pass this bill with the urgency needed at the moment.”
The necessity for this legislation was further echoed by Mark Eagan, president and CEO of the Capital Region Chamber of Commerce who said, “I urge the state legislature to quickly take up and pass this bill. Small businesses are the backbone of our economy; they have faced incredible hardships during the COVID-19 crisis, and the state must provide the necessary support to allow them to reopen and thrive.”
One of the other area lawmakers on board with this legislation is 102nd District Assemblyman Chris Tague, whose district includes Kinderhook in Columbia County. He said “The small businesses of our communities have had their worlds upended in the last year and, for many of them, adapting to the pandemic didn’t come cheap. For many small business owners this tax credit could be the difference between keeping their employees on payroll or shutting down altogether, and I urge all of my colleagues to work quickly to pass this critical legislation.”