New Law Will Cut Taxes, Help Create Jobs

ALBANY – Senator Catharine Young (R,C,I – Olean) today voted for a $3.3 billion tax cut that will help grow jobs.

“Everyone who pays state personal income taxes gets a break no matter which tax bracket. People will keep more of their hard earned money in their paychecks,” said Senator Young.

“Small businesses and upstate manufacturers will gain much-needed tax relief so they can grow private sector jobs,” she added.

“It will help family budgets while giving a real boost to the economy,” Senator Young said.

“In fact, after these tax cuts, middle income earners will see the lowest state personal income tax in 50 years. They will have more money to spend, save or invest,” she said.

“High taxes have hurt our economy by making our state hostile to business growth. This legislation slashes the corporate tax rate on upstate manufacturers in half to help them add more jobs,” Senator Young said.

“The reduction in the personal income tax also helps thousands of small businesses, especially those who file as S corporations. Small businesses are the backbone of our local economy,” she said.

“Improving our business climate will get people back to work, add more jobs, and establish career opportunities so our young people can stay after they graduate,” Senator Young said.

Economic growth advocacy groups including the Business Council, Unshackle Upstate, the National Federation of Independent Business, and the Farm Bureau enthusiastically have endorsed this new law, she said.

“By working together in a bipartisan way, we have gotten great results. We cut taxes, eliminated this year’s $10 billion deficit, brought spending under control, and capped property taxes,” Senator Young said.

“It is a major step forward, and I will continue to push for more initiatives to grow the economy and give relief to taxpayers,” she said.

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