Gillibrand visits Rome pushing legislation to help small businesses

Staff Photo BY RACHEL MURPHY--Senator Kirsten Gillibrand stands alongside Marianne Gaige, president and CEO the Cathedral Corporation in Rome on Friday. Gillibrand announces her plans for the SUCCESS Act of 2012, which would provide tax breaks for small business such as the Cathedral Corporation.
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[component:byline] -->ROME--Senator Kirsten Gillibrand visited the Cathedral Corporation in Rome on Friday to announce her plans to create a law that would extend tax breaks for similar small businesses.
?This will let the business reinvest,? Gillibrand said. ?They let them take their money that would normally be spent paying taxes and instead buy property or equipment or hire employees.?
Gillibrand said her goal for the legislation is to help small businesses hire more employees because the unemployment rate is too high. The national unemployment rate is currently 8.3 percent and 9.1 percent for New York State, according to the Bureau of Labor Statistics site.
Carol Manuele the first vice president of the Rome Area Chamber of Commerce mentioned that small businesses with less than 100 employees represent 99 percent of all employers in the U.S., which is approximately 30 percent of the economic activity.
?Small businesses continue to be the backbone of economic system employing more than 70 percent of the U.S. work force,? she said. ?And no place is that more true than in right here Central New York where most of our current employers are classified as small business owners.?
The Cathedral Corporation is one of more than 10 million small businesses owned by women in the U.S. Gillibrand added that women on average start their business with eight times less funding than men, making tax credits a critical part of their business plan.
?We need this help this sort of bill helps us,? said Marianne Gaige, president and CEO of Cathedral Corporation. ?It?s not that we?re getting something we should get, we?re just moving something up a little and getting us a little bit of a benefit. We already paid the taxes before; let?s take the credit instead of waiting 15 years forward to get it.?
The SUCCESS Act of 2012 if passed would double the existing deductions for the start-up costs of new businesses and allow companies to write off up to $500,000 in equipment supplies, according to Gillibrand.
ROME--Senator Kirsten Gillibrand visited the Cathedral Corporation in Rome on Friday to announce her plans to create a law that would extend tax breaks for similar small businesses.?This will let the business reinvest,? Gillibrand said. ?They let them take their money that would normally be spent paying taxes and instead buy property or equipment or hire employees.?
Gillibrand said her goal for the legislation is to help small businesses hire more employees because the unemployment rate is too high. The national unemployment rate is currently 8.3 percent and 9.1 percent for New York State, according to the Bureau of Labor Statistics site.
Carol Manuele the first vice president of the Rome Area Chamber of Commerce mentioned that small businesses with less than 100 employees represent 99 percent of all employers in the U.S., which is approximately 30 percent of the economic activity.
?Small businesses continue to be the backbone of economic system employing more than 70 percent of the U.S. work force,? she said. ?And no place is that more true than in right here Central New York where most of our current employers are classified as small business owners.?
The Cathedral Corporation is one of more than 10 million small businesses owned by women in the U.S. Gillibrand added that women on average start their business with eight times less funding than men, making tax credits a critical part of their business plan.
?We need this help this sort of bill helps us,? said Marianne Gaige, president and CEO of Cathedral Corporation. ?It?s not that we?re getting something we should get, we?re just moving something up a little and getting us a little bit of a benefit. We already paid the taxes before; let?s take the credit instead of waiting 15 years forward to get it.?
The SUCCESS Act of 2012 if passed would double the existing deductions for the start-up costs of new businesses and allow companies to write off up to $500,000 in equipment supplies, according to Gillibrand.
Source: http://www.romeobserver.com/articles/2012/08/18/news/doc502f9e9925dcb984881197.txt
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