“The governor’s proposed small-business tax cut is well intentioned, but unfortunately, looks better on paper than it would in action,” said Borelli. “As it stands, the plan would impact very few small businesses on Staten Island. I think making a broader cut that would impact a larger number of small businesses would be much more beneficial. My proposal to the governor would have a noticeable impact on the mom-and-pop shops that most New Yorkers frequent on a regular basis. This cut would provide relief to small-business owners to offset the ever-increasing cost of doing business. I believe my proposal would provide meaningful savings to small-business owners on Staten Island, and I look forward to hearing Gov. Cuomo’s thoughts.”
Gov. Cuomo’s proposed Small Business Corporate Franchise Tax Cut was included as part of his Opportunity Agenda presented at the State of the State Address on January 21. The cut would reduce the corporate franchise tax rate for small businesses from 6.5% to 2.5% over a three-year span, starting in 2016. It would only apply to small businesses that file under 9-A.