Stand Up For Small Business!
Legislative column from Assembly Minority Leader Brian M. Kolb (R,C,I-Canandaigua)
August 10, 2012
Are you optimistic about the economy? According to a recent poll, a majority of small-business owners are! This optimism and confidence are terrific reminders of the can-do spirit of America’s entrepreneurs’ ability to overcome any challenge, innovate, thrive and succeed. SurePayroll Inc.’s “Small Business Scorecard” surveyed small-business owners this July and found that 62 percent were optimistic about the economy. In addition, the survey reported that 70 percent of entrepreneurs said that they would “encourage others to go into business for themselves, even in the current economic climate.” You can read the SurePayroll Inc. Small Business Scorecard at the Free Enterprise Web site, a digital platform of the U.S. Chamber of Commerce. These findings reflect precisely what I have been saying about New York’s economy: after years of stagnation and pessimism, things are steadily getting better and Empire State job creators are poised for a big-time economic comeback. As someone who started and ran successful manufacturing companies, I know for a fact that small-business owners are optimistic by nature, and extremely hardworking, creative people who consistently overcome challenges and take great personal pride in providing a quality product or service to their community. BIG FACTS ABOUT SMALL BUSINESS Without a doubt, small businesses will play a major role in fueling New York’s economic comeback. The ability of small businesses to innovate and deliver a first-quality product cannot be understated. For example, did you know that at least five small businesses worked on NASA’s groundbreaking Mars Rover “Curiosity” that recently and successfully touched down on the Red Planet? Here are some other big facts about the importance of small businesses to our future prosperity and growing good-paying jobs, courtesy of the website of the Small Business Town Network. Small businesses:
- Represent more than 99 percent of all employers;
- Provide 60 to 80 percent of the net new jobs annually;
- Are 53 percent home-based and three percent franchises;
- Account for 97 percent of all U.S. exporters of goods; and
- Produce 13 to 14 times more patents per employee than large patenting firms.
- Requires that at least 15 percent of state contracts be with businesses employing 100 or fewer employees and reduce payment time to small businesses on state contracts from 60 to 30 days, reflecting the standard used by the federal government;
- Creates a “one stop shop” service to handle questions from existing or new businesses in the state and direct those questions to the appropriate agencies; and
- Provides funding for programs that upgrade and renovate downtowns and main streets.
- Lowers the income tax rate for certain small businesses;
- Increases the sales tax vendor credit from five to 10 percent and raises the maximum credit to $1,000 per year to reimburse compliance costs; and
- Establishes an electric energy tax credit for businesses employing 20 or fewer persons.