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February 23, 2006

Schimminger introduces a second proposal to eliminate the state's corporate tax on manufacturers

Assemblyman Robin Schimminger (D-Erie County) has proposed eliminating the state’s corporate franchise tax for manufacturers. Senate Majority Leader Joseph Bruno has already advanced a similar proposal.

The Council is supporting the proposal and says the move will help the vital sector of the state’s economy.

“This legislation shows that its sponsors are serious about easing New York’s high business costs and helping manufacturers survive and prosper,” said Business Council president Daniel B. Walsh.

“Eliminating the corporate franchise tax for manufacturers is a bold measure that will let corporate decision-makers know New York is dead serious about being a state where their businesses can succeed and grow,” Assemblyman Schimminger said.

“Despite losses of manufacturing companies and jobs over the years, in 2002 there were over 21,000 manufacturers employing more than 641,000 employees in New York State, according to the most recent Economic Census information from the U.S Census Bureau,” a release from the Assemblyman’s office said.

“Our state has to provide these companies with reasons to stay and continue to provide good jobs and contribute to our economic growth,” Assemblyman Schimminger said. “To keep manufacturers and succeed in attracting new ones, we must improve our state’s economic competitiveness.”

Assemblyman Schimmingers proposal, bill number A10055, is being cosponsored by Assemblymembers Darrel Aubertine (D- Watertown); Joan Christensen (D- Syracuse); Francine DelMonte (D- Niagara Falls); William Hoyt, III (D- Buffalo); David Koon (D- Fairport); Charles Lavine (D- Plainview); Mark Schroeder (D- Buffalo); Harvey Weisenberg (D- Long Beach); and Kenneth Zebrowski (D- New City).

The Senate Republican Majority's plan would provide $3.5 billion in relief for the state's small businesses and eliminate the income tax and corporate franchise tax for all manufacturers.

The plan would save manufacturing companies in New York $550 million over five years, the Senate's release said. The Business Council also hailed that proposal.