MARCH 1998Assembly proposes tax cuts to spur high-tech job growth
"Assembly High-Tech Jobs Agenda" would create 50,000 jobs in five years, Silver says
Assembly Speaker Sheldon Silver Wednesday proposed a package of bills designed to spur job growth in high-tech industries through targeted tax reductions, credits and other incentives.
Speaker Silver said his package, which is called "The Assembly High-Tech Jobs Agenda," is intended to develop high-tech companies and to create more than 50,000 new jobs in the next five years.
"It is significant that Governor Pataki, Majority Leader Bruno and Speaker Silver have each put forth a tax package intended to strengthen the economic comeback that New York has started but not finished,"said Daniel B. Walsh, President of The Business Council.
"We believe that these proposals are complementary, not competing," he added.
Highlights of the Assembly's multiple-bill package include the following:
- A sales tax exemption to software companies for the purchase of hardware.
- A refundable credit for new jobs created and tax deferrals on gains from certain investments in high-tech enterprises that are reinvested in new qualifying New York businesses.
- Tax incentives for new businesses commercializing technologies developed in New York institutions such as state-funded Centers for Advanced Technology (CATs) at universities across the state.
- A training program to foster partnerships among business, education and government intended to ensure the nation's largest high-tech workforce.
- Increased funding for CATs.
Silver said the proposal is designed to make New York "a front-runner in the high-speed world of emerging technologies."
Silver was joined in the announcement by Assemblymen Robin Schimminger, Joseph Morelle, and Robert K. Sweeney.
March 5, 1998