Feb 11,2013 www.pressconnects.com
State Sen. Tom O’Mara, R-Big Flats, has proposed a bill that seeks to phase out New York’s corporate franchise tax.The legislation, which has strong bipartisan support in the legislature and a companion bill in the Assembly, proposes a two-year phase-out of the state’s corporate franchise tax on manufacturers. The bill would benefit New York’s manufacturers with savings of an estimated $300 million annually once it’s fully effective, O’Mara said.Companies that are principally engaged in manufacturing would be exempt from 50 percent of the franchise tax in the first year and completely exempt in two years. O’Mara said the proposal could create up to 3,000 private-sector jobs over the next few years, while encouraging existing manufacturers to expand and invest in their New York facilities and make the state a more attractive place for other manufacturers to locate operations in the future…
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